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Showing blog posts tagged with trade deficit

Moral Authority in Globalization

I took part in a "fair trade" study session at a synagogue recently, looking at moral authority in the global economy. We considered four historical examples.

In Exodus, Moses leads the children of Israel out of Egypt, creating a new nation in the midst of established tribes and nations. After finding food and water, Moses gets excellent advice from his father-in-law, Jethro: Appoint judges.

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What We Can Learn from the Trade Agreement that Shipped 700,000 U.S. Jobs Overseas

What We Can Learn from the Trade Agreement that Shipped 700,000 U.S. Jobs Overseas

Twenty years later and what have we learned from the North American Free Trade Agreement (NAFTA)? Nearly 700,000 U.S. jobs have been lost or displaced, union density in the United States, Mexico and Canada fell and income inequality has increased. The AFL-CIO's new report, NAFTA at 20, discusses how current U.S. trade policy has failed to raise wages, improve social standards or address inequality—and what needs to change to ensure that future trade agreements actually work for working people.

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3 Reasons Why We Aren't at Full Recovery Yet and 2 Ways We Can Get There

3 Reasons Why We Aren't at Full Recovery Yet and 2 Ways We Can Get There

Some observers have declared that the United States has reached a full recovery after the Great Recession because per capita GDP growth has rebounded to pre-recession levels. But in a thorough essay at the Economic Policy Institute, Josh Bivens argues that the logic is highly flawed and that we're far from a full recovery.  He also provides several policy suggestions that would get us much closer to that elusive full recovery and on the path to raising wages.

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What if I Told You There Was a Way to Add $500 Billion to the U.S. Economy Annually?

There is. It involves reducing the U.S. trade deficit, which hovers around that $500 billion mark. Dave Johnson of Campaign for America's Future asks you to think about how that money could be spent.

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Economic News Roundup

Economic News Roundup

The Economic Policy Institute (EPI), the Center on Budget and Policy Priorities (CBPP), the Center for Economic and Policy Research (CEPR) and Media Matters have released important research about the economy in the past few weeks. Here's a look at some of the key pieces they have uncovered about the U.S. economy.

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Trade Deficit Numbers Show Policy Changes Needed

Trade Deficit Numbers Show Policy Changes Needed

The trade deficit numbers released today provide more evidence that U.S. trade policy needs to change, said AFL-CIO President Richard Trumka.

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9 Things You Didn't Know About Our Trade Deficit with China

Photo courtesy bitzcelt

In 2001, China joined the World Trade Organization (WTO). America's workers have felt the consequences ever since.

A new report from the Economic Policy Institute examines the primary result in the United States of China's entry into the WTO, a massive increase in the trade deficit between the two countries, favoring China. The report's author, Robert E. Scott, concludes that the trade deficit with China drives down wages and benefits in the United States and eliminates good jobs for U.S. workers.

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Displaced Minority Workers Suffered 29.6% Drop in Wages from Growing Trade Deficit with China

Growing China trade deficits displaced nearly 1 million good jobs with excellent benefits for minority workers between 2001 and 2011.

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Bills Would Curb Job-Killing Currency Manipulation

Bills Would Curb Job-Killing Currency Manipulation

AFL-CIO President Richard Trumka released a statement today announcing support for the Currency Exchange Rate Oversight Reform Act of 2013 and its companion legislation in the House, the Currency Reform for Fair Trade Act of 2013. Trumka warned that currency manipulation by foreign governments leads to the loss of manufacturing jobs in the United States.

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EPI: 'Signing Trade Deals Is a Terrible Jobs Strategy'

Photo from the AFL-CIO Now blog.

Signing more trade deals (also known as FTAs) as a way to create jobs? Meh. Seems unlikely, unless there is a radical change to the current trade model. The current model does much more than reduce tariffs (tariffs are taxes on imports). It also puts in place a bunch of rules that have made it advantageous for employers to move jobs offshore—resulting in unemployment, wage suppression and reduced union bargaining power. 

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