Friday, March 6, 2020

NO LABOR SHORTAGE! BUT KEEPING WAGES DEPRESSED REQUIRES A STEADY TIDAL WAVE OF ILLEGALS

In Immigration Debate, Trump Says We Don’t Have Enough American Workers to Fill Skilled Labor Jobs

 

President Donald Trump told Fox News TV host Laura Ingraham on Friday his 2021 plans to welcome more foreign graduates will not flood the labor market for U.S. college graduates.
“I have so many companies coming into this country, you’re not going to have to worry about it,” Trump said in the interview, adding, “It is always going to be a shortage … We have so many companies coming in, from Japan … [and] China now is going to start building a lot of things.”
Trump and Ingraham did not find common ground, likely because they were talking about different parts of the immigration problem. Also, neither mentioned Ivanka Trump’s campaign to prod companies to train their own American employees for high-tech jobs.
Ingraham began the exchange by noting American graduates’ salaries have been suppressed by the flood of foreign graduates:
We don’t have a tight labor market. If we had a tight labor market, we would be seeing real increases in wages. I hear that your team is planning on advocating more foreign workers coming in for some of these high-tech companies.
Ingraham rejected business claims of shortages: “We’re seeing a plateauing of wages … There’s a never-ending appetite on the part of corporate America to bring in as much cheap labor as possible to drive down wages.”
“I’m not talking about cheap — I’m talking about brainpower,” Trump responded. “They want to hire smart people. And those people are thrown out of the country — we can’t do that,” he said, referring to foreign graduates of U.S. colleges.
Trump seems to want to help companies import a relatively small number of very clever people, such as Ivy League valedictorians. In contrast, Ingraham is trying to block companies’ effort to cut payrolls by replacing well-paid American professionals with cheap foreign graduates who have just enough skills to get the job done, regardless of quality.
“We have to allow smart people to stay in our country — if you graduate number one in your class at Harvard, [if] you graduate from the Wharton School of Finance,” Trump said. “If we tell smart people to get the hell out, that’s not America first.”
“Yes, that’s a small percentage of what [ccompanies] want,” said Ingraham.
” No, it’s not. It’s a lot,” said Trump.
But business has hired very few valedictorians among the pool of roughly 1.5 million visa workers who now hold jobs sought by American graduates.
In fact, the government does not require U.S companies to hire Americans first, and it does not screen out unskilled foreign workers. The government does not cap foreign hires and does not enforce the loopholed rules which supposedly require foreign workers to be skilled and to be paid market-level wages. Nor does the government even try to curb the large scale nepotism that allows foreign born managers in the United States to import huge numbers of foreign workers who will kick back some of their salaries to their bosses.

For example, the “Optional Practical Training” program was expanded by President G. Bush and President Barack Obama to provide employers with an extra stream of foreign graduates. Foreigners get these OPT work permits by simply enrolling in U.S. colleges, ranging from the elite Stanford University down to the so-called “visa-mill” colleges where many students can speak little English and may do very little study.


No Labor Shortage: 11.5M Jobless, Underemployed Americans Available for Full-Time Work

The Associated Press
The Associated Press
2:58

There remain about 11.5 million Americans who are out of work, sitting on the labor market sidelines, all of whom want full-time, high-wage jobs without being forced to compete against a growing number of cheaper, foreign workers.
The latest employment data from the Bureau of Labor Statistics finds there is still slack in the labor market and thus businesses can pull disenfranchised Americans back into work through higher wages, better working conditions, and competitive benefits packages.
While Department of Homeland Security (DHS) Secretary Chad Wolf approved American businesses to import an additional 35,000 H-2B foreign visa workers to take nonagricultural U.S. jobs, there are still about 11.5 million Americans who are unemployed and underemployed.
This includes about 5.8 million Americans who are unemployed — 11 percent of which are unemployed teenagers and 5.8 percent of which are unemployed black Americans. This also includes about 1.1 million long-term unemployed Americans who have been jobless for at least 27 weeks.
Additionally, there are 1.4 million Americans who are considered “marginally attached to the labor force” because they had looked for work in the past 12 months but not in the four weeks prior to the Bureau of Labor Statistics survey. These Americans include about 405,000 “discouraged workers” who looked for work but were discouraged by their job prospects.
Similarly, there are about 4.3 million Americans who are underemployed, forced to work part-time jobs because they could not find full-time employment. All of these underemployed Americans, though, want full-time jobs.
Last month, White House Chief of Staff reportedly said the U.S. is “desperate … for more people.”
“We are running out of people to fuel the economic growth that we’ve had in our nation over the last four years. We need more immigrants,” Mick Mulvaney apparently said.
Extensive research by economists like George Borjas and analyst Steven Camarota has found that the country’s current legal immigration system — wherein 1.2 million mostly low-skilled workers are admitted annually — burdens U.S. taxpayers and America’s working and middle class while redistributing about $500 billion in wealth every year to major employers and newly arrived immigrants.
Camarota, director of research for the Center for Immigration Studies, has found that every one percent increase in the immigrant composition of American workers’ occupations reduces their weekly wages by about 0.5 percent. This means the average native-born American worker today has his weekly wages reduced by perhaps 8.5 percent because of current legal immigration levels.
John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.


There Is No American Worker Shortage


By Michelle Malkin


https://townhall.com/columnists/michellemalkin/2020/02/26/there-is-no-american-worker-shortage-n2561917

 

No Labor Shortage: 11M Americans Out of Work, but All Want Full-Time Jobs

Scott Olson/Getty Images
 10 Jan 20201,070
2:53
There remain more than 11 million Americans who are out of work but want full-time jobs, despite claims by corporate interests and the big business lobby of a so-called “labor shortage.”
The latest unemployment data from the Bureau of Labor Statistics reveals there is still slack in the labor market for disenfranchised Americans to enter the workforce rather than business bringing foreign workers to the U.S. to take jobs.
Overall, about 5.8 million Americans are unemployed — 12.6 percent of whom are teenagers who generally seek entry-level jobs and 5.9 percent of whom are black Americans. These nearly six million unemployed also include about 1.2 million Americans who are considered “long-term unemployed” because they have been out of work for more than six months.
Another 4.1 million Americans are working part-time jobs but want full-time employment. Additionally, 1.2 million Americans are out of the labor force entirely after looking for a job sometime within the last year. These marginally attached Americans are available for work and want full-time jobs.
Roughly 277,000 of the 1.2 million Americans out of the labor force completely are considered “discouraged workers” because they do not believe there are jobs in the labor market for them.
In total, about 11.1 million Americans are either unemployed, out of the labor force, or underemployed; however, all have said they want good-paying, full-time jobs.


The constant cry from corporate lobbyist @USChamber and "newsplainer" @voxdotcom is that America is "running out of workers." If that were true there wouldn't be people to come off the sidelines and take jobs.





While Americans have enjoyed significant wage growth in Trump’s economy for blue-collar and working-class Americans, corporate interests have increasingly suggested that the U.S. must continue importing millions of foreign workers every year to fill jobs.
In April 2019, former Chamber of Commerce President Tom Donohue said the U.S. needed more legal immigration because the country is “out of people.”
Extensive research by economists like George Borjas and analyst Steven Camarota has found that the country’s current legal immigration system — wherein 1.2 million mostly low-skilled workers are admitted annually — burdens U.S. taxpayers and America’s working and middle class while redistributing about $500 billion in wealth every year to major employers and newly arrived immigrants.
Camarota, director of research for the Center for Immigration Studies, has found that every one percent increase in the immigrant composition of American workers’ occupations reduces their weekly wages by about 0.5 percent. This means the average native-born American worker today has his weekly wages reduced by perhaps 8.5 percent because of current legal immigration levels.
John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder

CBO: Immigration Has ‘Negative Effect on Wages’

NEIL MUNRO
9 Jan 2020230
7:01
Immigration makes all of America richer, but it can make some Americans poorer, the non-partisan Congressional Budget Office says in a report issued January 9.
“Immigration, whether legal or illegal, expands the labor force and changes its composition, leading to increases in total economic output,” said the non-partisan report, titled “The Foreign-Born Population and Its Effects on the U.S. Economy and the Federal Budget—An Overview.”
But this national expansion does “not necessarily [deliver] to increases in output per capita,” or income per person, the report said:
For example, business leaders say the nation’s enormous population of immigrants has expanded the nation’s workforce, increased consumption, and driven up housing prices. But that inflow has also shrunk the wages of less-educated Americans, the report said:
Among people with less education, a large percentage are foreign born. Consequently, immigration has exerted downward pressure on the wages of relatively low-skilled workers who are already in the country, regardless of their birthplace.
The CBO report contradicts business claims that a bigger economy ensures bigger wages for everyone.
More ominously, the report also suggests that the American middle-class — including millions of young college graduates — may suffer a similar economic disaster if immigration policy is shifted to raise the inflow of foreign college graduates. The report says:
The effects of immigration on wages depend on the characteristics of the immigrants. To the extent that newly arrived workers have abilities similar to those of workers already in the country, immigration would have a negative effect on wages.
Many business advocates in Washington are calling for a dramatic increase in “high-skilled immigration” — meaning foreign college graduates who would compete for the same jobs as American college graduates. For example, Sen. Mike Lee (R-UT) is trying to pass his S.386 bill that offers the prize of renewable work-permits — and eventual citizenship — to an unlimited number of foreign graduates.
Each year, up to 120,000 foreign graduates — and their spouses and children — can get green cards via their employer’s sponsorship, even as perhaps 800,000 Americans graduate from college with skilled degrees.
But Lee’s bill creates a new legal status called “Early Adjustment.” This status would allow an uncapped number of college graduate migrants to apply for renewable work permits long before they can get a green card to become a legal immigrant and citizen.
Existing law allows an uncapped number of foreigners to legally get short-term work permits and jobs after enrolling in U.S. colleges. The migrants can get jobs by first paying tuition to a university, and then getting short-term work permits via the uncapped “Curricular Practical Training” and the “Optional Practical Training” programs. These workers must leave the United States after a few years until they enroll themselves in work permit programs.
But Lee’s bill would remove any caps on this foreign worker population by allowing an unlimited number of foreign workers to get “Early Adjustment” status from their employers.


DHS posts videos of Indian migrants buying fake documents from ICE's Farmington U. sting operation.
The 
#OPT Optional Practical Training program is an estb.-run labor-trafficking scheme to sideline American graduates.
It will expand if 
#S386 becomes law http://bit.ly/39H2Zqh 

Watch: ICE Lure and Sting Indian Illegal Labor 'OPT' Traffickers



Many migrants already use the CPT and OPT work permits to get jobs and to also compete for entry into the H-1B visa worker program. Once in the H-1B program — which accepts 85,000 new workers each year — many of the migrants also ask their employers to sponsor them for green cards.
The sponsorship allows them to stay working in the United States until they eventually get their valuable green card, long after their temporary visas have expired. Congress has not set an annual limit on the number of visa workers who can be sponsored for green cards, so the resident population of permanent “temporary workers” is growing fast — and is helping to suppress wages for American graduates.
Roughly 1.5 million foreign visa workers hold white-collar jobs throughout the U.S. economy. This number includes at least 750,000 Indians who are allowed to work via the supposedly temporary CPT, OPT, L-1, and H-1B visa programs. Roughly 300,000 of these Indians — plus 300,000 family members — are being allowed to stay in the United States because they asked their employers to sponsor them for green cards.
The CBO report shows that immigrants comprise roughly 40 percent of the population of people who did not graduate from high school  — and that immigrants already comprise roughly 20 percent of all people with a “graduate degree.”
Congressional Budget Office
The 20 percent share likely would quickly rise if the Senate approves Lee’s S.386 plan — and that rise could sharply reduce salaries for American college graduates.
“Wage trends over the past half-century suggest that a 10 percent increase in the number of workers with a particular set of skills probably lowers the wage of that group by at least 3 percent” as the extra workers compete for jobs, says George Borjas, a labor economist at Harvard. That extra labor does expand the economy — but that expansion is dwarfed by the transfer of the wage reductions to investors, he wrote in 2016:
I estimate the current “immigration surplus”—the net increase in the total wealth of the native population—to be about $50 billion annually. But behind that calculation is a much larger shift from one group of Americans to another: The total wealth redistribution from the native losers to the native winners [mostly employers] is enormous, roughly a half-trillion dollars a year.
“In low-skilled occupations, a one percent increase in the immigrant composition of an individual’s occupation reduces wages by [0].8 percent,” said a 1998 report by the Center for Immigration Studies.
A 2013 CBO report predicted that the 2013 “Gang of Eight” amnesty and immigration bill would reduce the share of income that goes to wage earners and increase the share that goes to investors. “Because the bill would increase the rate of growth of the labor force, average wages would be held down in the first decade after enactment,” the CBO report said.
But all that cheap labor would boost corporate profits and spike the stock market, the report said. “The rate of return on capital would be higher [than on labor] under the legislation than under current law throughout the next two decades,” says the report, titled “The Economic Impact of S. 744.”
Business leaders sometimes admit that an extra supply of workers forces down wages. “If you have ten people for every job, you’re not going to have a drive [up] in wages,” U.S. Chamber of Commerce CEO Tom Donohue told Breitbart News on January 9. But “if you have five people for every ten jobs, wages are going to go up.”


Are rising wages good for national politics?
“You’re damn right they are,” US Chamber of Commerce CEO Tom Donohue said, adding: "They are good for national politics if you’re a politician, for sure."
http://bit.ly/2FwwCg7 

U.S. Chamber of Commerce: Rising Wages Are Good for Politicians

 

 

Claims of a Labor Shortage Are Just Not True


America's September unemployment rate fell to 3.5 percent, the lowest level since 1969, according to the most recent Department of Labor report.
The tight labor market is forcing companies to hire disadvantaged Americans. For example, New Seasons Market, a West Coast grocery chain, is actively recruiting people with disabilities and prior criminal records. Similarly, Custom Equipment, a Wisconsin manufacturing firm, recently hired several prison inmates through a work-release program and intends to employ them full-time upon their release.
For the first time in decades, these disadvantaged Americans are finally winning significant pay increases. Over the past year, the lowest-paid 25 percent of workers enjoyed faster wage growth than their higher-paid peers.
Unfortunately, this positive trend could be short-lived. Corporate special interests are whining about a labor shortage -- and are spending millions to lobby for higher levels of immigration, which would supply companies with cheap, pliable workers.
Hardworking Americans need their leaders in Washington to see through this influence campaign and stand up for their interests. Scaling back immigration would further tighten the labor market, boosting wages and helping the most disadvantaged Americans find jobs.
The U.S. economy is the strongest it has been in years. Employers added 136,000 new jobs in September, marking 108 months of consecutive job growth.
But there's still more progress to be made. Approximately 6 million Americans are currently looking for jobs but remain unemployed. Another 4 million desire full-time positions but are underemployed as part-time workers. Millions more, feeling discouraged about their bleak prospects, have abandoned the job search altogether. Indeed, among 18 through 65-year-olds, 55 million people aren't working.
Many of these folks have limited or outdated skills. Others have criminal records or disabilities. So they might require a bit more training than traditional job applicants.
Rather than put in this extra effort, some big businesses want to eliminate their recruiting challenges by importing cheap foreign workers. These firms have instructed their lobbyists to push for more immigration, which would introduce more slack into the labor market.
The CEO of the Chamber of Commerce recently claimed that America needs a massive increase in immigration because we're "out of people." Chamber officials said their lobbying efforts would center on sizeable increases to rates of legal immigration.
The National Association of Manufacturers, meanwhile, recently released a proposal which would effectively double the number of H-1B tech worker visas, import more seasonal low-skilled laborers on H-2A and H-2B visas, and grant amnesty to illegal immigrants.
And the agriculture industry is lobbying for a path to legalization for illegal laborers and is seeking to expand "temporary" guest-worker programs to include stable, year-round positions on dairy farms and meatpacking plants -- jobs that Americans will happily fill for the right wage. The Association of Builders and Contractors, Koch Industries, and dozens more companies have called for similar measures.
There are already 45 million immigrants in the United States -- 28 million of which are employed -- and counting. More than 650,000 people crossed into the United States illegally in the past eight months alone, already exceeding last fiscal year's totals. And the U.S. government grants an additional 1 million lifetime work permits to immigrants every year.
Those figures will skyrocket even higher if business groups get their way. Such an expansion would hurt hardworking Americans.
The majority of foreigners who cross the border illegally or arrive on guest worker visas lack substantial education. Naturally, they seek out less-skilled jobs in construction, manufacturing, agriculture, and service -- and directly compete with the most economically vulnerable Americans. The labor surplus created by immigration depresses the wages of native-born high school dropouts up to $1,500 each year.
Several proposals under consideration in Washington could alleviate American workers' woes.
A recent bill from Senator Chuck Grassley (R-IA) would mandate all businesses use a free, online system called E-Verify, which determines an individual's work eligibility in mere seconds.
The system would make it extremely difficult for employers to hire illegal immigrants, roughly 40 percent of whom have been paid subminimum wages at some point. Without a pool of easily abused illegal laborers, businesses would raise pay for Americans.
Several senators also recently introduced the Raise Act, a bill that would reduce future levels of legal immigration.
It's time for our leaders in Washington to scale back both legal and illegal immigration. By doing so, they can further tighten the labor market and force businesses to bring less-advantaged Americans back into the workforce.
OPEN BORDERS: IT’S ALL ABOUT KEEPING WAGES DEPRESSED!
"In the decade following the financial crisis of 2007-2008, the capitalist class has delivered powerful blows to the social position of the working class. As a result, the working class in the US, the world’s “richest country,” faces levels of economic hardship not seen since the 1930s."

"Inequality has reached unprecedented levels: the wealth of America’s three richest people now equals the net worth of the poorest half of the US population."

 

PELOSI, FEINSTEIN, KAMALA HARRIS AND GAVIN NEWOMS’S MEXIFORNIA

 

Report: California’s Middle-Class Wages Rise by 1 Percent in 40 Years

Justin Sullivan/Getty Images
3 Sep 2019172
6:24

Middle-class wages in progressive California have risen by 1 percent in the last 40 years, says a study by the establishment California Budget and Policy Center.

“Earnings for California’s workers at the low end and middle of the wage scale have generally declined or stagnated for decades,” says the report, titled “California’s Workers Are Increasingly Locked Out of the State’s Prosperity.” The report continued:
In 2018, the median hourly earnings for workers ages 25 to 64 was $21.79, just 1% higher than in 1979, after adjusting for inflation ($21.50, in 2018 dollars) (Figure 1). Inflation-adjusted hourly earnings for low-wage workers, those at the 10th percentile, increased only slightly more, by 4%, from $10.71 in 1979 to $11.12 in 2018.
The report admits that the state’s progressive economy is delivering more to investors and less to wage-earners. “Since 2001, the share of state private-sector [annual new income] that has gone to worker compensation has fallen by 5.6 percentage points — from 52.9% to 47.3%.”
In 2016, California’s Gross Domestic Product was $2.6 trillion, so the 5.6 percent drop shifted $146 billion away from wages. That is roughly $3,625 per person in 2016.
The report notes that wages finally exceeded 1979 levels around 2017, and it splits the credit between the Democrats’ minimum-wage boosts and President Donald Trump’s go-go economy.
The 40 years of flat wages are partly hidden by a wave of new products and services. They include almost-free entertainment and information on the Internet, cheap imported coffee in supermarkets, and reliable, low-pollution autos in garages.
But the impact of California’s flat wages is made worse by California’s rising housing costs, the report says, even though it also ignores the rent-spiking impact of the establishment’s pro-immigration policies:
 In just the last decade alone, the increase in the typical household’s rent far outpaced the rise in the typical full-time worker’s annual earnings, suggesting that working families and individuals are finding it increasingly difficult to make ends meet. In fact, the basic cost of living in many parts of the state is more than many single individuals or families can expect to earn, even if all adults are working full-time.
Specifically, inflation-adjusted median household rent rose by 16% between 2006 and 2017, while inflation-adjusted median annual earnings for individuals working at least 35 hours per week and 50 weeks per year rose by just 2%, according to a Budget Center analysis of US Census Bureau, American Community Survey data.
The wage and housing problems are made worse — especially for families — by the loss of employment benefits as companies and investors spike stock prices by cutting costs. The report says:
Many workers are being paid little more today than workers were in 1979 even as worker productivity has risen. Fewer employees have access to retirement plans sponsored by their employers, leaving individual workers on their own to stretch limited dollars and resources to plan how they’ll spend their later years affording the high cost of living and health care in California. And as union representation has declined, most workers today cannot negotiate collectively for better working conditions, higher pay, and benefits, such as retirement and health care, like their parents and grandparents did. On top of all this, workers who take on contingent and independent work (often referred to as “gig work”), which in many cases appears to be motivated by the need to supplement their primary job or fill gaps in their employment, are rarely granted the same rights and legal protections as traditional employees.
The center’s report tries to blame the four-decade stretch of flat wages on the declining clout of unions. But unions’ decline was impacted by the bipartisan elites’ policy of mass-migration and imposed diversity.
In 2018, Breitbart reported how Progressives for Immigration Reform interviewed Blaine Taylor, a union carpenter, about the economic impact of migration:
TAYLOR: If I hired a framer to do a small addition [in 1988], his wage would have been $45 an hour. That was the minimum for a framing contractor, a good carpenter. For a helper, it was about $25 an hour, for a master who could run a complete job, it was about $45 an hour. That was the going wage for plumbers as well. His helpers typically got $25 an hour.
Now, the average wage in Los Angeles for construction workers is less than $11 an hour. They can’t go lower than the minimum wage. And much of that, if they’re not being paid by the hour at less than $11 an hour, they’re being paid per piece — per piece of plywood that’s installed, per piece of drywall that’s installed. Now, the subcontractor can circumvent paying them as an hourly wage and are now being paid by 1099, which means that no taxes are being taken out. [Emphasis added]
Diversity also damaged the unions by shredding California’s civic solidarity. In 2007, the progressive Southern Poverty Law Center posted a report with the title “Latino Gang Members in Southern California are Terrorizing and Killing Blacks.” In the same year, an op-ed in the Los Angeles Times described another murder by Latino gangs as “a manifestation of an increasingly common trend: Latino ethnic cleansing of African Americans from multiracial neighborhoods.”
The center’s board members include the executive director of the state’s SEIU union, a professor from the Goldman School of Public Policy at the University of California, Berkeley, and the research director at the “Program for Environmental and Regional Equity” at the University of Southern California, Los Angeles.
Outside California, President Donald Trump’s low-immigration policies are pressuring employers to raise Americans’ wages in a hot economy. The Wall Street Journal reportedAugust 29:
Overall, median weekly earnings rose 5% from the fourth quarter of 2017 to the same quarter in 2018, according to the Bureau of Labor Statistics. For workers between the ages of 25 and 34, that increase was 7.6%.


The New York Times laments that reduced immigration does force wages upwards and also does force companies to buy labor-saving, wage-boosting machinery. Instead, NYT prioritizes "ideas about America’s identity and culture.” http://bit.ly/2Zp2u2J 

NYT Admits Fewer Immigrants Means Higher Wages, More Labor-Saving Machines





Free Trader Paul Krugman Admits Failure of Globalization for American Workers: ‘Major Mistake’

Jae C. Hong/Associated Press
 13 Oct 2019780
3:21

Economist Paul Krugman, the longtime defender of global free trade and a member of the failed “Never Trump” movement, now admits that globalization has failed American workers.

In a column for Bloomberg titled “What Economists (Including Me) Got Wrong About Globalization,” Krugman admits that the economic consensus for free trade that has prevailed for decades has failed to recognize how globalization has skyrocketed inequality for America’s working and middle class workers.
Krugman writes:
In the past few years, however, worries about globalization have shot back to the top of the agenda, partly due to new research and partly due to the political shocks of Brexit and U.S. President Donald Trump. And as one of the people who helped shape the 1990s consensus — that the contribution of rising trade to rising inequality was real but modest — it seems appropriate for me to ask now what we missed. [Emphasis added]
The pro-globalization consensus of the 1990s, which concluded that trade contributed little to rising inequality, relied on models that asked how the growth of trade had affected the incomes of broad classes of workers, such as those who didn’t go to college. It’s possible, and probably even correct, to think of these models as accurate in the long run. Consensus economists didn’t turn much to analytic methods that focus on workers in particular industries and communities, which would have given a better picture of short-run trends. This was, I now believe, a major mistake — one in which I shared a hand. [Emphasis added]
Krugman, though, writes that he and his fellow free trade economists “had no way to know” that globalization of the American economy or a surge in trade deficits “were going to happen,” though the anti-globalization movement had warned for years of the harmful impact free trade would have on U.S. workers — including Donald Trump.
In an interview with SiriusXM Patriot’s Breitbart News Tonight, economist Alan Tonelson said that Krugman’s acknowledging that he and the free trade economic consensus has been wrong is “better later than never,” but “the damage has already been done.”
LISTEN:
“There’s been an even more startling, in fact jaw-dropping, development on that front. Paul Krugman, the famous Never Trumper, the famous pro-free trade economist, the Nobel Prize winner just published an article … saying that for the past 20 years, he and his other globalist, free trade economist friends have been substantially wrong about the effect of globalization, particularly more trade with low income, low wage countries like China,” Tonelson said.
“They’ve been substantially wrong about its effects on the American economy and American workers in particular,” Tonelson said.
Meanwhile, decades of free trade have spurred mass layoffs, unemployment, and offshoring of high-paying American jobs while surging trade deficits. Since China entered the World Trade Organization (WTO), the U.S. trade deficit with China has eliminated at least 3.5 million American jobs from the American economy. Millions of American workers in all 50 states have been displaced from their jobs, which have been lost due to U.S.-China trade relations.
John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.