A study done by the Southern Education Foundation revealed heartbreaking information. For the first time in history, over 50 percent of U.S. public school students live in poverty. The report shows how children from poor homes has grown for the last 25 years. In 1989, 32 percent of our kids came from homes at or below the poverty line; today, it’s an overwhelming majority of American children. How could this be? “Free trade.” Our jobs have been shipped overseas for cheap labor and we have been left jobless, penniless, and a country filled with students in poverty.
Tag Archives: economy
As we begin a new year, many people are looking to the future hoping to see promise. Unfortunately dark clouds are on the horizon. Here are a few concerns we see with the economy this year.
- Student loans are exacting a major toll on the economy, keeping young professionals from making serious investments. Senator Elizabeth Warren said:
“The Federal Reserve, the FDIC and the Consumer Financial Protection Bureau have all done reports showing that young people with student loan debt are not taking the economic steps they would ordinary take at this point in their lives. The student loan debt is becoming a drag on the whole economy. And yet the federal government is making billions in profits.”
- Workers’ wages continue to stagnate while income inequality increases. According to Paul Craig Roberts:
“The release of the US Census Report and the Federal Reserve Consumer Finance Survey revealed an ongoing trend toward greater income and wealth inequality. We remain 8 million jobs below pre-crisis levels, adjusted for population growth. Real wages have stagnated or declined. Employers have no incentive to provide well-paying jobs amidst ample desperation in the ranks of the unemployed. We are a mess at home.”
- Those jobs gains are deceptive. Sure our economy is gaining a lot of new jobs, but is that a good thing? Robert Reich says it’s not:
“The movement of low-wage workers for decent pay and working conditions is partly a reflection of America’s emerging low-wage economy. While low-wage industries such as retail and restaurant accounted for 22 percent of the jobs lost in the Great Recession, they’ve generated 44 percent of the jobs added since then, according to a recent report from the National Employment Law Project.”
- If the TPP passes, we can expect our already massive trade deficit to explode. Lori Wallach explains:
“There is a staggering U.S. trade deficit with Canada and Mexico after 20 years of NAFTA. The 2013 U.S. goods trade deficit with Mexico and Canada was $177 billion — a nearly seven-fold increase above the pre-NAFTA level, when the United States enjoyed a small trade surplus with Mexico and a modest deficit with Canada.”
“Just like today for TPP, in the past Congress and the public were sold on glorious projections of trade agreements’ benefits. But the actual data show the projections were at best wrong and perhaps simply cooked. The White House and the corporate lobby are trying to sell Congress the TPP and Fast Track with the same old promises about export growth and job creation, but the 2013 data show empirically that expanding the old trade model will only result in larger trade deficits, more job loss and downward pressure on U.S. wages.”
If these conditions persist, our economy is headed into even worse conditions than we have been in in the last few decades. Something can be done though, we can work together to solve these problems by implementing simple solutions like these.
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Unfortunately, most Americans have never heard of the World Trade Organization (WTO) and its true role. It seems as if the media wants to keep it that way since we never hear about news regarding the WTO. The reality is that the WTO has a great deal to do with the current unfavorable condition of the U.S. economy. Essentially, the WTO can be seen as a contract between 160 member nations that severely restricts the ability of countries, especially the U.S., to handle their own economies and control their own trade. The WTO has proven to be detrimental to our economy.
Mitch McConnell has spoken many times about his commitment to creating jobs and helping the economy. Meanwhile in reality, Senator McConnell has one of the worst records on jobs and the economy in the Senate. During his time in the Senate, he has repeatedly supported “free trade” agreements that have come up for a vote.