Trump Trade Policies and Mishandling of Coronavirus Pandemic Have ‘Wiped Out’ US Manufacturing Jobs: Economist
August 11, 2020 at 12:54 PM - Views: 50 #345957eridaniParticipant
- Total Posts: 8,630
“Additionally, the U.S. trade deficit in manufactured goods rose significantly between 2016 and 2019,” Scott said. A country’s balance of trade is the difference between the value of its imports and exports over a certain period of time. A country has negative trade balance or trade deficit if it imports more than it exports.
“In fact, the real U.S. trade deficit has increased in every year since 2016, reducing GDP growth by roughly 0.25% annually over the past three years,” the economist explained. “Compounded with the devastation left by the coronavirus pandemic, the blue collar manufacturing workers need serious help from policymakers.”
Scott specifically pointed out how the rising real value of the U.S. dollar, which has climbed nearly 23% since 2014, is a “major cause” of the United Sates trade deficit. “More than half of that rise has come since the Trump tariffs were first imposed in March 2018,” the report says. “This stronger dollar keeps making U.S. exports more expensive and imports cheaper.”
“Equally problematic, the 2017 Trump tax cuts on corporate profits incentivized offshoring for certain types of production while also raising after-tax profits,” the report adds. “This has attracted more foreign capital to U.S. stock markets, spurring the dollar even higher. The dollar has also been driven higher during the coronavirus recession by ‘safe haven’ effects, with foreign capital surging into the U.S.—as it does during most global downturns.”
August 11, 2020 at 2:12 PM #345962
August 11, 2020 at 3:20 PM #345965
August 11, 2020 at 4:54 PM #345981HamletParticipant
- Total Posts: 53
booming economy, zero unemployment, universal healthcare and education, no racism…
everything was perfect and then came Trump….
Seriously it seems the Democrats are preparing for the next four years of not taking responsibility.
August 11, 2020 at 6:06 PM #345997
August 11, 2020 at 7:11 PM #346009youroutParticipant
- Total Posts: 443
You can’t rewrite it but they think you can tear chapters from the book.
August 11, 2020 at 7:56 PM #346026jwirrParticipant
- Total Posts: 1,854
They all did their part for the cause of the brave new world that Bush Sr. suggested in the 80s. Now tRump is taking it one more step backwards – he is trying to start a war with the countries that are now the manufacturing centers of the world. What are we going to do when we need the items that we no longer make?
August 11, 2020 at 8:36 PM #346040retired liberalParticipant
- Total Posts: 3,826
I’m suspecting a lot.
We are an arrogant species, believing our fantasy based "facts" are better than the other person's fake facts.
If you are wrong, it will be because you are not cynical enough.
The older we get, the less "Life in Prison" is a deterrent.
Always wear a proper mask when out and about. The life you save could be both yours and mine.
August 11, 2020 at 11:55 PM #346103Populist ProleParticipant
- Total Posts: 591
It seems that the only time the past few years the neoliberal establishment likes to talk about trade, is to attack Trump from the right.
‘Scott Cowder’, ‘djean111’, ‘Hamlet’, ‘incognito’, ‘yourout’ all astutely nailed it. Squarely. We all know that if Biden does end up winning, the neolibs will be pushing more “free trade” than Trump spews MAGA bullshit.
- You must be logged in to reply to this topic.