Unemployment in the United States - Wikipedia, the free encyclopedia: "Economist Paul Krugman wrote in 2007: "For the world economy as a whole — and especially for poorer nations — growing trade between high-wage and low-wage countries is a very good thing...But for American workers the story is much less positive. In fact, it's hard to avoid the conclusion that growing U.S. trade with third world countries reduces the real wages of many and perhaps most workers in this country...The trouble now is that these effects may no longer be as modest as they were, because imports of manufactured goods from the third world have grown dramatically — from just 2.5 percent of GDP in 1990 to 6 percent in 2006.". . . Bill Gross wrote in September 2011: "Globalization has hollowed developed economy labor markets...Globalization and technological innovation have been extremely negative influences on domestic wages and employment." Economist Joseph Stiglitz said in February 2012: "The economic theory is very clear...What happens when you bring together countries which are very different like the United States and China...is that the wages in the high-wage country get depressed down. This was predictable. Full globalization would in fact mean the wages in the United States would be the same as the wages in China. That's what you mean by a perfect market.". . . Economist Peter Navarro wrote in June 2011: "The American economy has been in trouble for more than a decade, and no amount of right-wing tax cuts or left-wing fiscal stimuli will solve the primary structural problem underpinning our slow growth and high unemployment. That problem is a massive, persistent trade deficit — most of it with China — that cuts the number of jobs created by nearly the number we need to keep America fully employed." Economist Peter Morici wrote in May 2012: "Cutting the trade deficit in half, through domestic energy development and conservation, and offsetting Chinese exchange rate subsidies would increase GDP by about $525 billion a year and create at least 5 million jobs."
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Bernie Sanders says a big tax break for the wealthy is out of the Biden spending bill, triggering pushback from moderates threatening to derail the entire package - "Democrats need to focus on the struggling working class, not giving more tax breaks to the wealthy," Sanders said. Other Democrats said not so fast.