Trump Trade Policies and Mishandling of Coronavirus Pandemic Have ‘Wiped Out’ US Manufacturing Jobs: Economist

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    • #345957
      eridani
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      • Total Posts: 8,630

      https://www.commondreams.org/news/2020/08/10/trump-trade-policies-and-mishandling-coronavirus-pandemic-have-wiped-out-us

      “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.”

      Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

    • #345962
      Scott Crowder
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      • Total Posts: 282

      Manufacturing base in the 90’s.

      #BernieOrVest

    • #345965
      djean111
      Participant
      • Total Posts: 5,898

      Trump is just exacerbating it.  Biden ain’t gonna fix it, either.  Bet Biden would slam the TPP through his first week.

      America is not a country, it's just a business. (Brad Pitt, Killing Them Softly)

    • #345981
      Hamlet
      Participant
      • 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.

    • #345997
      incognito
      Participant
      • Total Posts: 4,574

      What manufacturing jobs?

      NAFTA killed manufacturing jobs decades ago.

      Who was president when that happened? BILLY CLINTON.

      You can’t rewrite history.

    • #346009
      yourout
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      • Total Posts: 443
    • #346026
      jwirr
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      • 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?

      jwirr

      • #346040
        retired liberal
        Participant
        • 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.

    • #346103
      Populist Prole
      Participant
      • 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.

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