"The increasing trade deficits mean less domestic labor demand and job loss. The Economic Policy Institute estimates that the trade deal with South Korea has already cost the country 40,000 jobs. Moreover, as we know from the Stolper-Samuelson Theorem, we expect trade agreements to be bad for labor in the United States since it is a labor-scarce country. But we keep making new "trade" agreements (which usually go beyond trade to include major investment provisions plus intellectual property rules) despite the evident pressures on the middle class that have been building up for decades." How stupid are we? Pretty damn stupid.
Posted on: Mon, 29 Jul 2013 17:04:06 +0000
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