by GEORGE BARLOW via Economy In Crisis
The World Trade Organization is a self-serving and undemocratic organization that operates outside of our nation’s control. The U.S. Constitution states that all treaties made under the authority of the United States become supreme law of the land (Article VI). When our government signed the WTO treaty our government effectively weakened our sovereignty.
Our laws, regulations and administrative procedures are now open to challenge in international courts. This means that:
By purposely undervaluing their currency, China subsidizes their exports – some estimates put this subsidy at nearly 30 percent. This practice has allowed America’s trade deficit with China to balloon since China entered into the WTO.
With the U.S.-China trade deficit exploding, more job losses are forecast in the future. The Progressive Policy Institute claims that unless the trade deficit is brought under control, 12 million information-based jobs in the U.S. are highly susceptible in the future. This can be seen today in what some are calling the jobless “recovery.” Without jobs, there can be no recovery.
The World Trade Organization is a self-serving and undemocratic organization that operates outside of our nation’s control. The U.S. Constitution states that all treaties made under the authority of the United States become supreme law of the land (Article VI). When our government signed the WTO treaty our government effectively weakened our sovereignty.
Our laws, regulations and administrative procedures are now open to challenge in international courts. This means that:
- The U.S. loses 9 out of 10 cases brought before the WTO.
- The WTO rules against the U.S. 2 out of 3 times.
- The WTO has allowed China to surpass the U.S. in economy size by allowing them to manipulate their currency and subsidize their industries.
- China has had a trade surplus with the U.S. since 2000 of over $3.1 trillion, averaging $224 billion a year.
- Due to trade imbalances with China alone, we have lost over 2.7 million jobs (Source: Economic Policy Institute)
- Jobs losses have affected every sector of the economy in both white and blue-collar occupations.
- Over that time we have lost: 909,400 jobs in computer and electronic products; 178,700 jobs in apparel and accessories; 204,300 jobs in administrative support services; and 173,100 jobs in professional, scientific and technical services
By purposely undervaluing their currency, China subsidizes their exports – some estimates put this subsidy at nearly 30 percent. This practice has allowed America’s trade deficit with China to balloon since China entered into the WTO.
With the U.S.-China trade deficit exploding, more job losses are forecast in the future. The Progressive Policy Institute claims that unless the trade deficit is brought under control, 12 million information-based jobs in the U.S. are highly susceptible in the future. This can be seen today in what some are calling the jobless “recovery.” Without jobs, there can be no recovery.
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