Posted by: thepinetree on 10/23/2018 08:35 AM
Updated by: thepinetree on 10/23/2018 08:46 AM
Expires: 01/01/2023 12:00 AM
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Economic Policy Institute Report Says China Cost 3.4 Million U.S. Jobs Between 2001 and 2017. 562,500 Jobs Lost in Calif.
Washington, DC...What follows is a few paragraphs from a new report from the Economic Policy Institute. Click the logo below for full report..."The United States has a massive trade deficit with China. The growth of the U.S. trade deficit with China, which has increased by more than $100 billion since the beginning of the Great Recession, almost entirely explains why manufacturing employment has not fully recovered along with the rest of the economy. And the growing trade deficit with China isn’t just a post-recession phenomenon hitting manufacturing: it has cost the U.S. millions of jobs throughout the economy since China entered the World Trade Organization (WTO) in 2001, a finding validated by numerous studies.
This report underscores the ongoing trade and jobs crisis by updating EPI’s research series on the jobs impact of the U.S.–China trade deficit. The most recent of these reports (Scott 2012; Kimball and Scott 2014; Scott 2017a) look at the effect of the U.S. trade deficit with China since China entered the WTO in 2001. Our model examines the job impacts of trade by subtracting the job opportunities lost to imports from those gained through exports. As with our previous analyses, we find that because imports from China have soared while exports to China have increased much less, the United States is both losing jobs in manufacturing (in electronics and high tech, apparel, textiles, and a range of heavier durable goods industries) and missing opportunities to add jobs in manufacturing (in exporting industries such as transportation equipment, agricultural products, computer and electronic parts, chemicals, machinery, and food and beverages).
The growing trade deficit with China since China entered the WTO affects different regions in different ways. Some regions are devastated by layoffs and factory closings while others are surviving but not growing the way they could be if new factories were opening and existing plants were hiring more workers. This slowdown in manufacturing job generation is also contributing to stagnating wages of typical workers and widening inequality."
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