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Trade deficit costing US jobs

Trade deficit costing US jobs

Posted: Tuesday, August 28, 2012 7:00 pm

More than 2.7 million American jobs — 2.1 million of them in manufacturing — have been lost or eliminated since 2001 due to the United States’ mushrooming deficit with China since that country joined the World Trade Organization 10 years ago, according to a recent report from the Economic Policy Institute.
According to the EPI report, 56,100 jobs were lost in Tennessee, including job losses in every one of the state’s congressional districts.
The states suffering the largest net job losses were:
• California (474,400 jobs)
• Texas (239,600 jobs)
• New York (158,800 jobs)
• Illinois (113,700 jobs)
• North Carolina (110,300 jobs)
• Florida (106,100 jobs)
• Pennsylvania (101,200 jobs)
“The United States is piling up foreign debt and losing import capacity, and the growing trade deficit with China has been a prime contributor to the crisis in U.S. manufacturing employment,” Robert E. Scott, director of trade and manufacturing policy research, said. He is also the author of the EPI report.
Between 2001 and 2011, the trade deficit with China eliminated or displaced more than half of all U.S. manufacturing jobs lost over that period, according to the report. The total losses include 662,100 jobs from 2008 to 2011
A copy of the EPI report is available online, at http:/www.epi.org/publications/bp345-china-growing-trade-deficit-cost/.

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