We Are Being Killed On Trade – Rapidly Declining Exports Signal A Death Blow For The U.S. Economy

We Are Being Killed On Trade – Rapidly Declining Exports Signal A Death Blow For The U.S. Economy: "In a recent study, three economists — David Autor at the Massachusetts Institute of Technology, David Dorn at the University of Zurich and Gordon Hanson at the University of California, San Diego — raised a profound challenge to all of us brought up to believe that economies quickly recover from trade shocks. In theory, a developed industrial country like the United States adjusts to import competition by moving workers into more advanced industries that can successfully compete in global markets.

They examined the experience of American workers after China erupted onto world markets some two decades ago. The presumed adjustment, they concluded, never happened. Or at least hasn’t happened yet. Wages remain low and unemployment high in the most affected local job markets. Nationally, there is no sign of offsetting job gains elsewhere in the economy. What’s more, they found that sagging wages in local labor markets exposed to Chinese competition reduced earnings by $213 per adult per year."

Norton's Commentary:

Listen-up School Boards and Educators and Politicians ... and Wall St:

The future of America is in our youth, no matter what their ethnic or home country origin.  The solution to reviving the Middle Class which still drives the overall economy, is in starting with early, pre-school education that qualifies our kids for the future good paying jobs.  Those jobs require critical thinking, learning what primary sources of information means, creative / out-of-the-box thinking (relating to both mechanical, visual artistic thinking and the same in the virtual, digital world) which will solve the macro and local economic issues that roadblock our continuing position of leadership in the World Economy. Hoop-to-it!  This is not a political issue, it is a USA survival issue.

|education|pre-school|Creativity|Middle-class|USA leadership|

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