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Economy is a Vicious Circle?

by tom44 on April 15, 2014

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Question by Economics: Economy is a Vicious Circle?
Lets all face the truth about the economy.
The NAFTA allowed companies to outsource American Jobs
overseas meaning that the 95% of the population lost there
jobs after 1993.
All the people that lost there jobs collected unemployment
for the time allowed and are off the books now.
meaning the unemployment rate is higher than the numbers
they report.
even if the people who lost there jobs got another they are
making less than they were before they lost there jobs.
how can the economy grow when the jobs that are left in
the US can not support there lifestyles.
which means small businesses can not survive.
the poorer the people get the poorer the economy gets.
the middle class paid most of the taxes and the rich paid
as little as possible.
now the rich are being expected to pay what the poor were
paying so now the rich offshore more jobs.
which in turn makes more poor which makes more rich
offshore more jobs.
Like I said a vicious circle.
now how can we stop offshore jobs?
and bring work in manufacturing and trades back again?
is there a solution?
I would love to hear what everyone thinks?

Best answer:

Answer by Bernanke
Great question, let me clarify a couple of points before we get started,

1, 95% of the population did not lose their jobs after 1993, that means 5% employment rate, which is by anyone’s count catastrophic. this is NOT to say that people did not lose their jobs, some people did lose their jobs specially, like you mentioned manufacturing and labor intensive jobs. however, trade agreements (not just NAFTA) has allowed US workers to specialize in different trades, for instance, technology, while the rust belt has been struggling places like Silicon valley and the Seattle-Portland area are thriving. So not everyone lost their jobs, those that did are struggling and have either relocated and or switch to a different industry. look at PA after the lost in the steal industry places like Philly and Pittsburgh have become notorious for been great medical centers.

lastly the US GDP has grown at an average of 3% for many many years now which means the economy has not been shrinking all this time, even now at a downturn we are not doing as we were say 1993.

as for your questions:
now how can we stop offshore jobs?
by allowing more trade with other countries and allowing multinationals to set up businesses in the US
and even then this is not going to stop it it will just generate more jobs
– bring work in manufacturing and trades back again?
thats just not going to happen, and it shouldnt we should be focused on different trades at this point.

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