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IRTFW

Barack Obama forcefully outlined the failures of trickle-down economics and the need to return to an approach of shared responsibility and prosperity. His analysis echoed the work of EPI economists, who have long been tracking the negative outcomes of the on your own philosophy.

They include growing income inequality, stagnant wages, and heightened risks for workers and proposing policy solutions. The U.S. Census Bureau’s annual release of poverty, income, and health coverage held some good news for Americans, but drilling down below the surface reveals a continuing erosion of the economy for working people.

Although median household income increased slightly and the poverty rate was essentially unchanged from 2006 to 2007, incomes for working families (as opposed to retirees) actually dropped. Unbalanced U.S. trade with China since 2001 has had a devastating effect on U.S. workers.

I’ve read somewhere that between 2001 and 2007; the trade deficit lost or displaced 2.3 million jobs in all 50 states and the District of Columbia, including 366,000 last year. The China Trade Toll, details the devastating impact that the growing U.S. trade deficit with China is having on American jobs, wages, and key industries.