A Quote by William M. Daley
When the manufacturing decline began in earnest in 2001, the main culprits were the offshoring of jobs to China, with which we have no trade deal, and automation.
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One of the major forces driving the decline in wages and the concentration of wealth at the top is the offshoring of American jobs overseas - reducing wages not only in manufacturing but also across the economy.
Offshoring manufacturing jobs left Americans with fewer high-value-added, well-paid jobs, and the U.S. middle class downsized. Ladders of upward mobility were taken down. Income and wealth distributions worsened.
Jobs offshoring began with manufacturing, but the rise of the high-speed Internet made it possible to move offshore tradable professional skills, such as software engineering, information technology, various forms of engineering, architecture, accounting, and even the medical reading of MRIs and CT-Scans.
This region [North Carolina] used to be the furniture manufacturing hub of the world. I know because I bought plenty. But the NAFTA deal and then China's entry into the World Trade Organization, another Bill[Clinton] and Hillary[Clinton] backed disaster, have sent those jobs to other countries.
During the 1999 debate over Permanent Normal Trade Relations with China President Bill Clinton said, 'In opening the economy of China, the agreement will create unprecedented opportunities for American farmers, workers and companies to compete successfully in China's market. WRONG: Our trade deficit with China has increased from $83 billion in 2001 to a record breaking $342 billion in 2014.
America has lost one-third of its manufacturing jobs since NAFTA, a deal signed by Bill Clinton and supported strongly by Hillary Clinton. And by the way, the single worst trade deal ever made in history anywhere.
Hillary Clinton has supported virtually every trade agreement that has been destroying our middle class. She supported NAFTA and she supported China's entrance into the World Trade Organization, another one of her husband's colossal mistakes and disasters. She supported the job-killing trade deal with South Korea. She supported the Trans-Pacific Partnership which will not only destroy our manufacturing, but it will make America subject to the rulings of foreign governments. And it's not going to happen.
The TPP is another corporate-backed agreement that is the latest in a series of trade policies which have cost us millions of decent-paying jobs, pushed down wages for American workers and led to the decline of our middle class. We want American companies to create decent-paying jobs in America, not just low-wage countries like Vietnam, Malaysia or China. The TPP must be defeated.
The Donald Trump trade doctrine is this. America will trade with any country, so long as that deal meets these three criterion: You increase the GDP growth rate, you decrease the trade deficit, and you strengthen the manufacturing base.
We're going right down the toilet, and it's a made-in-China toilet. I teach MBAs. And I noticed, starting a few years after China joined the World Trade Organization, that a lot of my students were no longer employed. They were still coming to get their MBA, but they'd lost their jobs.
I think automation will eliminate certain types of jobs - lower income, lower-skilled jobs in manufacturing. But nobody knows whether it's going to change the job basket of the 21st century, or be net positive, or net negative.
China are running trade deficits with the rest of the world. If you look at the U.S. trade deficit, it's close to $800 billion trade in goods. Half of that is with China, so it's a big part of the problem. And the problem with China, as opposed to, say, Canada, is that China cheats.
We'll be aggressive on trade because we know that deals that have been made historically have resulted in the great loss of manufacturing jobs, a great amount of closed manufacturing businesses. We don't want that to continue.
Since 2000, we have lost 2.7 million manufacturing jobs, of which 500,000 jobs were in high-tech industries such as telecommunications and electronics.
I'm not against free trade but I'm against free trade deals that are negotiated badly, that actually compromise jobs, manufacturing jobs, compromise the national interest.
Unfair trade deals like the North American Free Trade Agreement eviscerated good-paying manufacturing jobs, putting more than 3 million U.S. workers out of work.
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