Shout out to Thad Wasson: Stateline.org points us toward an interesting analysis of the jobs the United States has lost to China over the past decade. Robert E. Scott of the Economic Policy Institute calculates that more open trade with China displaced 2.4 million American jobs between 2001 and 2008. That's a big part of why the 2000's saw zero job growth instead of the double-digit-percentage growth of the previous six decades. (Also to blame: Ronald Reagan, deregulation, and monopolization.)
66% of those lost jobs were in manufacturing. The Chinese fueled their century-opening boom building factories that serve as a foundation for continued competitive production. We Americans fueled our economic bubble on consumption, including building big houses that now sit empty. Oops.
Every state shared in the job loss. South Dakota didn't come out as bad as some others: Scott's math attributes the loss of 5200 South Dakota jobs to China, 1.28% of our workforce. That's a little better than the national loss of 1.71% of the workforce. Minnesota came out worse, losing 2.17% of its workforce to China. North Dakota came out better, losing 0.92%.
Taxpayers duped once again by the pie in the sky dreams of developers and big business - I was very reluctant to post about this story, simply because it was no shock to me that this happened. I was waiting for the day to come when we would rea...
9 hours ago