Manufacturing was always the foundation of the American economy and has been responsible for the rise of our middle class. In fact, 25% of American workers were in manufacturing in the 1960′s. However, the once global super power is now drowning in debt, dependent on imports and suffering from an outrageous unemployment rate. Whom do we have to blame? Our political figures pushing “free trade.”
Tag Archives: Jobs
For years our nation has suffered from significant income disparity. While Wall Street has recovered from the economic recession of 2008, Main Street has not. The Wal-Mart family alone is worth as much as 100 million average Americans combined. The average pay for a CEO is now $10 million in America’s large corporations.
When President Obama was elected in 2008 he promised that he would fight for trade agreements that would work for the middle class not for the 1%. He said then, “Put simply, we need tougher negotiators on our side of the table–to strike bargains that are good not just for Wall Street, but also for Main Street. And when I am President, that’s what we will do.”
While many politicians blame the lack of jobs on the federal budget deficit, it is actually America’s trade deficit that is the root of many of our problems. The U.S. is still millions of jobs behind where it was when the Great Recession started. The economy has been unable to create jobs due to America’s massive trade deficit caused by our failed economic policy.
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.