U.S.-China trade has cost 2.3 million U.S. jobs: report
July 31, 2008 by Fiore
Filed under Economics, Globalization
(BuzzFlash.net) - The U.S. trade deficit with China cost 2.3 million American jobs between 2001 and 2007, the Economic Policy Institute said on Wednesday in a report likely to fuel debate about free trade ahead of November elections. Even when they found new jobs, workers displaced by job loss to China saw their earnings decrease by an average of $8,146 each year because the new jobs paid less, according to the report, funded in part by labor unions. Contrary to popular belief, jobs lost to China were not necessarily low-skilled, the report showed. Thirty-one percent of the jobs lost were among workers with college degrees.