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Interesting to look back at some footage and hear Ross Perot predict exactly what would happen if free trade deals with developing countries were implemented.
http://www.youtube.com/watch?v=Rkgx1C_S6ls
In 1985 the US had a trade imbalance with China of 6 Million dollars for the whole year. In August of 2010 the trade imbalance was 28 Billion dollars for the one month.
As Mr. Perot correctly observed, trade imbalances would continue until equilibrium was achieved. That is when the foreign countries raised their wages to 6 dollars per hour and the US wages fell to 6 dollars an hour. Then the playing field would be level.
It is estimated that 42,000 factories have left the US or closed down. Countless small business have been forced to close. And it isn't just the unskilled who have suffered job losses. Millions of IT workers have seen their work transferred overseas to Mumbai or other places. In some hospitals there is no need for Radiologists anymore. The technology is available to send xrays to India and have them diagnosed there in real time. Teachers are in danger of being replaced by software designers in China and India, as online education becomes more accepted and popular.
There are 8 million unemployed in the US. One in five Americans is either unemployed or working part time hours. There are 43 Million Americans on food stamps. Millions are losing all unemployment benefits each month, while those working are afraid to ask for a raise.
If the west continues to along the path of these kinds of free trade deals, at the bequest of multi-national corporations, then small business will continue to decline, high unemployment will remain high, and wages will stagnate.
Ross Perot was so right..............to bad he was ignored.
Until we see action from our politicians, and I am thinking tearing up free trade agreements and implementing tarifs on goods, our economy which is so closely tied to the US is in grave danger.
http://www.youtube.com/watch?v=Rkgx1C_S6ls
In 1985 the US had a trade imbalance with China of 6 Million dollars for the whole year. In August of 2010 the trade imbalance was 28 Billion dollars for the one month.
As Mr. Perot correctly observed, trade imbalances would continue until equilibrium was achieved. That is when the foreign countries raised their wages to 6 dollars per hour and the US wages fell to 6 dollars an hour. Then the playing field would be level.
It is estimated that 42,000 factories have left the US or closed down. Countless small business have been forced to close. And it isn't just the unskilled who have suffered job losses. Millions of IT workers have seen their work transferred overseas to Mumbai or other places. In some hospitals there is no need for Radiologists anymore. The technology is available to send xrays to India and have them diagnosed there in real time. Teachers are in danger of being replaced by software designers in China and India, as online education becomes more accepted and popular.
There are 8 million unemployed in the US. One in five Americans is either unemployed or working part time hours. There are 43 Million Americans on food stamps. Millions are losing all unemployment benefits each month, while those working are afraid to ask for a raise.
If the west continues to along the path of these kinds of free trade deals, at the bequest of multi-national corporations, then small business will continue to decline, high unemployment will remain high, and wages will stagnate.
Ross Perot was so right..............to bad he was ignored.
Until we see action from our politicians, and I am thinking tearing up free trade agreements and implementing tarifs on goods, our economy which is so closely tied to the US is in grave danger.
