A good read.
Warning to republicans, though,… there are some numbers displayed. Also, a graph. So, if you’re one of those guys whose head will explode when they’re exposed to these things, … you should stay away.
Jared Bernstein makes sense of things almost as often as Krugman. I’m becoming more of a fan.
>>>>>>>>>>The paper measures the impact of import penetration from low-wage exporters on US wages, employment, and the extent to which the safety net is invoked to offset these impacts. Trade economists used to argue that trade with low-wage countries was unlikely to be doing much damage to our job market because the magnitudes were too small. But, as authors write, China’s aggressive export-led growth changed that equation:
In 1991, low-income countries accounted for just 2.9% of US manufacturing imports…However, owing largely to China’s spectacular growth, the situation has changed markedly. In 2000, the low-income-country share of U.S. imports reached 5.9% and climbed to 11.7% by 2007, with China accounting for 91.5% of this import growth over the period. The share of total U.S. spending on Chinese goods rose from 0.6% in 1991 to 4.6% in 2007, with an inflection in 2001 when China joined the World Trade Organization. <<<<<<<<<<<<,