Who agrees that we should end free trade?
http://finance.yahoo.com/tech-ticker/the-u.s.-middle-class-is-being-wiped-out-here%27s-the-stats-to-prove-it-520657.html?tickers=^DJI,^GSPC,SPY,MCD,WMT,XRT,DIA The Middle Class in America Is Radically Shrinking. Here Are the Stats to Prove it "the globalism and "free trade" that our politicians and business leaders insisted would be so good for us have had some rather nasty side effects. It turns out that they didn't tell us that the "global economy" would mean that middle class American workers would eventually have to directly compete for jobs with people on the other side of the world where there is no minimum wage and very few regulations. The big global corporations have greatly benefited by exploiting third world labor pools over the last several decades, but middle class American workers have increasingly found things to be very tough. Here are the statistics to prove it: • 83 percent of all U.S. stocks are in the hands of 1 percent of the people. • 61 percent of Americans "always or usually" live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007. • 66 percent of the income growth between 2001 and 2007 went to the top 1% of all Americans. • 36 percent of Americans say that they don't contribute anything to retirement savings. • A staggering 43 percent of Americans have less than $10,000 saved up for retirement. • 24 percent of American workers say that they have postponed their planned retirement age in the past year. • Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008. • Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975. • For the first time in U.S. history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together. • In 1950, the ratio of the average executive's paycheck to the average worker's paycheck was about 30 to 1. Since the year 2000, that ratio has exploded to between 300 to 500 to one. • As of 2007, the bottom 80 percent of American households held about 7% of the liquid financial assets. • The bottom 50 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth. • Average Wall Street bonuses for 2009 were up 17 percent when compared with 2008. • In the United States, the average federal worker now earns 60% MORE than the average worker in the private sector. • The top 1 percent of U.S. households own nearly twice as much of America's corporate wealth as they did just 15 years ago. • In America today, the average time needed to find a job has risen to a record 35.2 weeks. • More than 40 percent of Americans who actually are employed are now working in service jobs, which are often very low paying. • or the first time in U.S. history, more than 40 million Americans are on food stamps, and the U.S. Department of Agriculture projects that number will go up to 43 million Americans in 2011. • This is what American workers now must compete against: in China a garment worker makes approximately 86 cents an hour and in Cambodia a garment worker makes approximately 22 cents an hour. • Approximately 21 percent of all children in the United States are living below the poverty line in 2010 - the highest rate in 20 years. • Despite the financial crisis, the number of millionaires in the United States rose a whopping 16 percent to 7.8 million in 2009. • The top 10 percent of Americans now earn around 50 percent of our national income. Giant Sucking Sound The reality is that no matter how smart, how strong, how educated or how hard working American workers are, they just cannot compete with people who are desperate to put in 10 to 12 hour days at less than a dollar an hour on the other side of the world. After all, what corporation in their right mind is going to pay an American worker 10 times more (plus benefits) to do the same job? The world is fundamentally changing. Wealth and power are rapidly becoming concentrated at the top and the big global corporations are making massive amounts of money. Meanwhile, the American middle class is being systematically wiped out of existence as U.S. workers are slowly being merged into the new "global" labor pool. " Cob, you mean life isn't painted in all black and white like you thought it was? Barry Marx, if only it were that simple!
Asked By: gws35 - 8/16/2010
Best Answer - Chosen by Asker
I believe in trading freely, but I'm against free trade agreements. It sounds like a contradiction but it is not. The federal government needs to exercise it's rights to charge tarriffs more often.
Answered By: divineintervener - 8/16/2010
Additional Answers (6)
How does free trade lead to 83 percent of all U.S. stocks are in the hands of 1 percent of the people? I believe that is caused by lax taxation.
Answered By: Kirby - 8/16/2010
For every container of goods coming from China that are full and go back empty, we should fill them with Illegal Immigrants, that would be a great version of free trade. Every other container could be filled with liberals also, would rid the United States of the problems we have
Answered By: Barry Marx - 8/16/2010
Are you out of your damn mind? If anything, it should be a hell of a lot more Free.
Answered By: Andy - 8/16/2010
Free trade is the basis for living in a free society, we need more and truer free trade(less price floors and ceilings, quotas, etc.) Unless you want to go back to mercantilism.
Answered By: Climbing Up the Walls - 8/16/2010
Free Trade is what led to the exportation of manufacturing (in the 1970s and 1980s) jobs and white collar (currently) jobs that has resulted in the downsizing of the American middle class. But, the right wing does not want an open discussion on this topic, because they would prefer that unemployed Americans direct... More
Answered By: Justinian G - 8/16/2010
GWS you're a tough nut to crack. I can never tell when you're genuine or not...maybe this site is ruining my sense to determine that.
Answered By: Cob Bollum - 8/16/2010
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