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Wal-Mart’s China Imports Cost Nearly 200,000 U.S. Jobs |
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| Wal-Mart’s imports from China led to loss of nearly 200,000 U.S. jobs from 2001-2006. | |
Wal-Mart claims it creates jobs across America, but a new report shows a much different reality.
The giant retailer’s reliance on cheap goods made in China has cost this country nearly 200,000 jobs since 2001, says the report, The Wal-Mart Effect, by the nonprofit Economic Policy Institute (EPI).
The report shows Wal-Mart has played a major role in creating a record trade deficit with China that has eliminated some 1.8 million jobs, mainly in manufacturing.
The U.S. trade deficit with China reached a whopping $233 billion last year, and imports for Wal-Mart alone accounted for $27 billion—11 percent of that total. This year’s first-quarter $46.4 billion total deficit is twice as large as in the same period last year.
The U.S. trade deficit with China between 1997 and 2006 has displaced production that could have supported about 2.2 million U.S. jobs, according to EPI. Most of these jobs (1.8 million) have been lost since China entered the World Trade Organization (WTO) in 2001.
Contrary to the predictions of its supporters, China’s entry into the WTO has failed to reduce its trade surplus with the United States or increase overall U.S. employment.
Says economist Robert Scott, author of the EPI report:
Now we know the impact that imports from China to the world’s largest retailer has on our nation’s jobs. What’s good for Wal-Mart is not always good for U.S. workers.
Click here to read the full report.
The AFL-CIO, domestic manufacturers and many economic experts maintain that one key reason the U.S. trade deficit with China is so high is because China deliberately undervalues its currency, the yuan, to keep the value artificially low so it can boost exports and discourage imports—running up the U.S. trade deficit and costing good American jobs.
An AFL-CIO report shows China’s fixed currency rate artificially lowers the price of its goods by 40 percent, effectively subsidizing China’s exports and putting U.S. companies at a competitive disadvantage.
The bipartisan Fair Currency Act, introduced by Reps. Tim Ryan (D-Ohio) and Duncan Hunter (R-Calif.), would clarify that currency manipulation is an illegal subsidy under WTO rules. A similar bill was introduced in the Senate by Sens. Jim Bunning (R-Ky.), Evan Bayh (D-Ind.) and Debbie Stabenow (D-Mich.).
In 2004 and 2005, the Bush administration rejected petitions from the AFL-CIO and business and farm leaders that asked Bush to take action against China’s currency manipulation.
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Shall we jump on board and support the canidate for President who served on the WALMART board of directors now??? Does the fact she was involved with several groups working to open trade with China bring us reason to support her??? Could it be there is a relationship between these two????
After all wasn’t her husband the author of the biggest sellout to labor in centuries in the form of NAFTA??? Now she supports a imigration bil which would allow companies to lower wages on jobs in the United States and then utilize guest workers to fill the jobs when they under cut area standards and American workers refuse to take the cut.
YEP we all need to support Hillary Clinton for President and watch the WALMART economy take over the entire United States, not just the clothing industry, auto industry, farm equipment manufaturing industry and the steel industry that he husband gave away.
The loss of manufacturing jobs in this country really alarms me. What happens if the situation in the middle east blows up. We are already short on military supplies for the troops and we really don’t have the capability anymore to mass produce the products we will need.
Yep! Wild Bill Clinton sold American workers out to China for 300,000 pieces of silver(silver dollars, that is). Why blame Walmart for making billions at American Workers expense? The government is soley to blame and until our so called Representatives put a tariff back on imported goods, we will al be going down the drain. Much of the food imports from China are poisoned so watch out for the super grocery store at Walmart allowed by our government “representatives.”
Loosing jobs to Chinese imports is one thing, but it’s time to make the American worker aware of how much their health and life, and those of their loved ones are in danger by being consumers of these imports. Recent recalls consist of over a million defective automotive tires, toys and jewelry with a dangerous lead content, clothing and accessories with fake designer labels, clothing with real dog fur being passed off as faux fur because of law passed making it illegal to import real fur, electronics improperly wired or insulated, and lets not forget the tainted pet food and toothpaste! All above mentioned had been manufactured in the good ole’ USA exclusively at one time. This country and big business have traded our health and safety to line their own pockets. Shame on them!
There was a time when you went to war it was for the American way of life which was we the people. Now you go to war for the rich to get richer. We need to get the politicians in office that will tell China to go to hell and not allow them to even sell there products in this country.
One thing is for sure, Wal-Mart is bad for America.
Yes, our leaders should be of higher moral fiber, that being said we still need campaign finance reform. This is more important than most realize. Our politicians are being bought by big business. To combat this we need all elections to be publicly funded. This would limit the effect of big business in politics to some extent. This would just be the first step though. Business has no business in poltics. They are not a person & they do not get to vote. The personhood of corporations, ha. Then more ceo’s should be gong to jail as thieves & traitors. Destroying our manufacturing base should be criminal. It is traitorous!
American people need to hold their representatives accountable for outsourcing American jobs. I glad that someone remembers that the Clinton administration supported NAFTA. If the Immigration Reform bill passes, Americans will continue to compete with Mexican workers who are willing to work for less. American people cannot afford to work for half their salaries. If the cost of living is rolled back, Americans could afford to work for lower wages. The rich are getting richer and the working class is getting poorer. I agree with the earlier blogger that mentioned elections should be funded publicly. Big businesses most definitely control the government.
The government has allowed many illegal immigrants to take American jobs for less pay. Then huge companies are importing foreign made items that cost jobs. Also Businesses are sending their manufacturing companies overseas. This means that many veterans have to be retrained in other fields from losing their jobs because of these actions. We must support “The so-called “Cantwell-Larsen Montgomery GI Bill for Life Act of 2007″ - S. 1261 - which is cosponsored by Sens. Tom Harkin (D-Iowa) and Sherrod Brown (D-Ohio), would repeal both the 10 year and 14 year deadlines.” This would allow veterans to recieve training in a different field after losing their jobs to cheaper labor overseas and in America. Then too, many veterans were mentally not qualified or financially unable to attend colleges with family obligations by lower pay while in the military
You need to remember that George H, Bush was the grandaddy of globalization. You can find pictures of him on the internet at a NAFTA signing ceremony with Fox and Mulrooney prior to Clinton taking office. Trouble is- Clinton did sign it into law, but it was a set-up deal starting with the Neocon Republican Bush crime family. Hillary has matured in her thinking since those years and has made enough public promises to labor that it would be hard for her to not follow through if elected and= we maintain a Democrat majority in Congress. The Republicans and Democrats are not going to protect our southern boarder. They need to enforce the laws already on the books and quit looking toward the next election. In a recent poll more Americans indentified themselves as Independents rather than the other two parties and justifiably so.
We have freedom of speech in this country I am talking about
the USA. So I am going to say exactly what I want ,
not that anyone from this site will ever read it but I’ll write anyway.
How about you take the extra money you collect from your union dues from union workers and donate that money to the people that supposedly wal mart puts out of work or how about you invest the union dues
in fidelity or those alike and help the working man out of work by investing atleast in his/her retirement instead of taking money from union dues every month and lining your greedy pockets. Instead of crying about how wal mart puts the american
man/women out of work. How about cutting your dues in half
every month wouldn’t that help the american worker have extra
money for gas so they can go to work and course pay their union dues so that the aflcio has a job. See walmart would be stupid
and apparently they are not considering they net profit over a billion a year they would be foolish to ever let a union enter there doors why so that a person with a very low education level
should be making more money than lets say a social worker.
A union at walmart would destroy walmart
why should they make good money per hourwith a low education level we all the chance to go to college or trade school so we don’t have to work at very low blue collar jobs like walmart.
Yes I know not everyone has the chance to go to college because
cirumstances suck illness,diseases,strokes,car accidents etc.
Or because our educational system in this country is disgraceful
and the american children are either jusy plain lazy and want everything handed to them or there not learning anything in school dueto poor school systems. And because the family values have gone out of the window. Where is mom and dad when kids get home from school
not at home, alot kids don’t even have fathers in the household.
And lastely instead of Afl-Cio spending thousands of dollars
on ads slamming walmart how about you spent your money
( the workers union dues) on ads on tv and the radio etc.slamming yuppies and those alike for buying foreign
cars which again really destroyed this country and the us auto workers but I guess your not concerned with the auto workers
because they don’t line your pockets with money form union dues.
One thing for sure I am glad to live in the USA I have freedom of speech that is as long as it doesn’t hurt anyones feelings.