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Here is an article that confirms what I have been saying since 1994 when the GATT Treaty was passed. Remember when Speaker of the House Tom Foley of Washington made a speech bragging and congratulating everyone on the great accomplishment that they had achieved in passing this legislation for "free trade"??
I knew by revelation that this represented a major step in the collapse of the Babylonian economic system. See my book, The Wars of the Lord.
According to the article above:
For middle class Americans, the new global economy has provided mountains of cheap products made in China, India and dozens of other nations, but it has also killed the goose that laid the golden egg. Millions of American workers have been discovering that the price for all of those inexpensive foreign-made goodies is their jobs. Now we have so many long-term unemployed workers in the United States that we are inventing new terms (such as "the 99ers") to describe them. Unemployment is on the rise again (we'll get to the figures in a minute) and everyone seems perplexed at the continuing inability of the "greatest economy in the world" to provide jobs for everyone. But the truth is that this has been coming for a long time. The debt-fueled prosperity of the past couple of decades allowed us to live far beyond our means and provide very high levels of employment for a while, but now economic reality is setting in. The millions of middle class jobs that have been shipped overseas are never coming back. Unfortunately, the existence of a large class of chronically unemployed Americans that are struggling just to survive is going to quickly become "the new normal". . . .
But the biggest reason why there is such a lack of jobs is because millions upon millions of good jobs have been shipped overseas. Globalism and "free trade" have put middle class American workers into a situation where they are in direct competition for jobs against the cheapest labor in the world.
Why in the world should U.S. companies hire American workers when they can hire very willing workers on the other side of the world who will do the same job for less than one-tenth the cost?
Those who once warned us about "the great sucking sound" that globalism would create were right, and the truth is that the U.S. has already been bleeding good jobs for years. According to one analysis, the United States has lost 10.5 million jobs since 2007, and the truth is that unless something is done things are going to get even worse.