Friday, March 22, 2013

Globalization Hits American Workers' Pocketbooks

In 2011, globalization depressed wages for non-college educated American workers 5.5%, or roughly $1,800 per annum.   That's bad but it pales in comparison with this claim:

As a point of comparison, growing trade with poorer countries has cost the typical worker more than would result from recent proposals to make the Bush-era tax cuts permanent and to finance them with across-the-board cuts to transfer such as Social Security, Medicare, Medicaid, unemployment insurance and food stamps.

Did you get that?  Tax cuts for the rich?   They're to be financed by "across the board cuts" to Social Security, Medicare, Medicade, unemployment and food stamps.    Working class America, already living with decades of wage stagnation and steadily slipping below the poverty line, are going to see Social Security, Medicare, Medicaid, unemployment insurance and even food stamps trimmed to fund tax cuts for the rich.

Now, please, explain to me why the American people aren't taking to the streets in revolt.