Thread: Report: U.S. has lost 2.4M jobs to China

Report: U.S. has lost 2.4M jobs to China

By Ian Swanson - 03/23/10 12:48 PM ET
Comments 10

The U.S. lost 2.4 million jobs to China between 2001 and 2008, according to a new report issued Tuesday.

Texas and California were the hardest hit but every state has experienced job losses because of increased trade from China, according to the report from the left-leaning Economic Policy Institute.

The report blamed high job losses in computers, electronic equipment and parts industries, which are concentrated in those two states.

North Carolina was also hit hard according to the report. That state has seen textile, furniture and other small manufacturing industries shrink as companies faced competition from lower-priced Chinese goods.

While the report said low labor costs in China are a big reason for the trade deficit, it also blamed China’s currency manipulation.

China pegs its currency to the U.S. dollar so that it rises and falls with fluxuations in the dollar’s value. Critics say this means China’s currency is undervalued, and that it lowers the price of Chinese exports while making U.S. exports to China more expensive.

Sens. Charles Schumer (D-N.Y.) and Lindsey Graham (R-S.C.) have introduced legislation to make it easier for companies to petition the government for tariffs on Chinese products because of currency manipulation.

The two senators are expected to hold a press call Tuesday afternoon on the report.

The report said China has purchased U.S. Treasury bills and other securities to keep the Chinese currency pegged to the U.S. dollar.

China has $2.4 trillion in currency reserves, much of which is thought to be in U.S. dollars.

China’s purchases of U.S. Treasury bills has helped the U.S. finance its debt without raising interest rates, but this has also made Chinese exports to the U.S. less expensive.


http://thehill.com/business-a-lobbying/ ... s-to-china

Those are manufacturing jobs. When we lose 1 manufacturing job in the US, we lost another 5 jobs as a consequence of it due to the multiplier effect of job creation from manufacturing.

So to know the total job loss associated with that study on China, we'd need to multiply the 2.4 x 6 = 14,400,000 total jobs lost in the US to trade policy with China. We have a trade deficit as of 2008 with China of $268 billion a year out of a total trade deficit of $840 billion in manufactured goods, $400 billion of which is oil imports.

Our free trade policies have cost the US over 5,250,000 million manufacturing jobs and a total of 31,250,000 total jobs using the 6 to 1 multiplier.

Trade, immigration, tax, drug and energy policies have bankrupted our nation.

Judy, I will just post this so that you will feel among friends.
<img src=http://us.123rf.com/400wm/400/400/Argument/Argument0708/Argument070800120/1558012.jpg>

I have no idea what that means, Richard. Why don't you explain it.

Denied

Our free trade policies have cost the US over 5,250,000 million manufacturing jobs and a total of 31,250,000 total jobs using the 6 to 1 multiplier.

Trade, immigration, tax, drug and energy policies have bankrupted our nation.

I don't understand either of the about pictures. But I agree with you Judy 1,000 per cent.

My husband is one of those millions who lost his job as a result of the manufacturing drain to China. He used to repair and/or install those robotic machines that make parts, grinding, etc. He is working after not able to find a job for over 2 years, making less than half of what he made before. He had an opportunity to apply for a job at one of his former employers, but he would be working mostly in China or Mexico. He is now too old with pre-existing chronic conditions, and travel to plants in China would probably kill him.

Our products have decreased quality, food products are unsafe for pets and people, and even children's toys and babies bibs are toxic. We are only a service industry country that will eventually collapse, it is unsustainable.

So many of our major companies have located to Mexico, which is why the US is now scrambling to shore up security there. We are also going to be paying to provide protection for US personnel at these traitor companies that are undermining our economy by moving out of the country. It is not because of unions, or tax rates of the US, or even regulations. It is pure greed and treason why they are moving these jobs overseas.

Originally Posted by Judy

Those are manufacturing jobs. When we lose 1 manufacturing job in the US, we lost another 5 jobs as a consequence of it due to the multiplier effect of job creation from manufacturing.

So to know the total job loss associated with that study on China, we'd need to multiply the 2.4 x 6 = 14,400,000 total jobs lost in the US to trade policy with China. We have a trade deficit as of 2008 with China of $268 billion a year out of a total trade deficit of $840 billion in manufactured goods, $400 billion of which is oil imports.

Our free trade policies have cost the US over 5,250,000 million manufacturing jobs and a total of 31,250,000 total jobs using the 6 to 1 multiplier.

Trade, immigration, tax, drug and energy policies have bankrupted our nation.

Yep, and barely make our own defense materials and machines anymore on top of that.

The trap is being set. And we are blindly being led to the trap. If we allow our cannons to be forged into plows, we will plow for those who don't.

Originally Posted by GaPatriot

Our free trade policies have cost the US over 5,250,000 million manufacturing jobs and a total of 31,250,000 total jobs using the 6 to 1 multiplier.

Trade, immigration, tax, drug and energy policies have bankrupted our nation.

I don't understand either of the about pictures. But I agree with you Judy 1,000 per cent.

My husband is one of those millions who lost his job as a result of the manufacturing drain to China. He used to repair and/or install those robotic machines that make parts, grinding, etc. He is working after not able to find a job for over 2 years, making less than half of what he made before. He had an opportunity to apply for a job at one of his former employers, but he would be working mostly in China or Mexico. He is now too old with pre-existing chronic conditions, and travel to plants in China would probably kill him.

Our products have decreased quality, food products are unsafe for pets and people, and even children's toys and babies bibs are toxic. We are only a service industry country that will eventually collapse, it is unsustainable.

So many of our major companies have located to Mexico, which is why the US is now scrambling to shore up security there. We are also going to be paying to provide protection for US personnel at these traitor companies that are undermining our economy by moving out of the country. It is not because of unions, or tax rates of the US, or even regulations. It is pure greed and treason why they are moving these jobs overseas.

Thank you GaPatriot. I'm so sorry your husband has been one of the 31 million Americans caught up in this. It's so sad. We must change this situation and do so immediately.