Our Failed Trade Policies Have Destroyed Our Nation’s Economy
The Federal Reserve is set to end its economic stimulus program in October, bringing to an end the controversial five-year-old scheme. All of this is unnecessary as we should be focused on rebuilding our manufacturing strength rather than giving more money to the biggest banks.
Controversial from the outset, the stimulus was designed to keep long-term interest rates down and encourage investors to back stocks or corporate debt in order to stimulate the economy. If we hadn’t sold out our economy through “free trade” agreements, we wouldn’t need to stimulate the economy.
“Free trade” means unrestricted, uncontrolled access to our economy, tariff- and duty-free, for goods made for $4-per-hour or less. We cannot compete with these wages so we are forced to choose between going bankrupt, outsourcing nearly all of our manufacturing or simply selling out.
While wages have lagged, and we do need to fix our wage issue, we must focus on bringing well-paying jobs back to our shores. Instead of working in fast food jobs at McDonalds, we need good paying manufacturing jobs. Our current job growth is barely keeping up with our population growth, and 20 million Americans are no longer part of the workforce.
With studies showing there is one job for every three people looking for work, we must pursue policies that bring back the American dream and restore our middle class. We need to create opportunities by putting American workers first, and it starts with changing our policies towards trade. We must make American manufacturing competitive and profitable by getting rid of unfair “free trade” agreements and putting in place tariffs and subsidies that favor American companies. “Free trade” has caused manufacturing to flee from our shores and our trade deficit to skyrocket.
The Economic Policy Institute estimates that for every $1 billion dollars in trade deficit, we lose 9,000 jobs. Our failed trade policies with China alone have lost the U.S. 2.7 million jobs. “Free trade” agreements such as NAFTA have just made things worse for American manufacturing.
Government policies for decades have led to significant problems. We must act today to make the changes necessary to fix our economy. The impetus for new policies must come directly from the broad American public. Voters must use all reasonable methods to pressure elected officials. Without direct and immediate action, there may soon be little left to save.
Contact your Congressional Representative today and tell them that we need trade policies that work for the American people and not for large multinational corporations. If something doesn’t change, all that will be left are service jobs and a servant economy where the rich rule.
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