Unfair China Trade Costing U.S. Jobs, Wealth and Prestige
OPS_admin | Mar 25, 2010 | Comments 0
Through mercantilism, China has managed to grow its trade surplus with the U.S. from $84 billion in 2001, to $270 billion in 2008.
Since China’s entry into the World Trade Organization in 2001, enormous trade deficits with the Asian nation have resulted in the loss of millions of jobs and precious export capacity, decidedly lower wages and less bargaining power for American workers and the accumulation of massive amounts of foreign debt, according to a new study conducted by the Economic Policy Institute.
“We have allowed the Chinese government to game the system for far too long, with serious consequences for the U.S. economy,” said the report’s author, EPI economist Robert Scott.
From 2001, the year China entered the WTO, until 2008, persistent trade deficits with China resulted in the loss of 2.4 million American jobs, or roughly 345,500 jobs per year. Well over half of those jobs were in the manufacturing sector, where total employment fell by 1.6 million jobs during that period.
Full Story: Unfair China Trade Costing U.S. Jobs, Wealth and Prestige | Economy In Crisis.
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If we don't change our ways soon...
A new report by the Royal Society, chaired by Nobel prize-winning biologist Sir John Sulston warns that world population must be stabilized and consumption in wealthy nations must be reduced or the entire planet is in big trouble. As the report reads: "The number of people living on the planet has never been higher, their levels of consumption are unprecedented and vast changes are taking place in the environment. We can choose to rebalance the use of resources to a more egalitarian pattern of consumption... or we can choose to do nothing and to drift into a downward spiral of economic and environmental ills leading to a more unequal and inhospitable future."This is the same warning that President Jimmy Carter gave Americans back in the 1970's - but it was ignored when Ronald Reagan came to power with a "more positive" message basically telling Americans we can do whatever we want. And then after 9/11 - Bush told us all we should go shopping and consume ever more.And now with corporations calling the shots in Washington - long-term sustainability of the planet takes a back seat to short-term profits. If we don't change our ways soon - and embrace clean, alternative energy and educate women around the plant - then we all could be headed for a rough century.-Thom(Is there any chance we will learn in time? Tell us here.) -
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The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. 
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