Search publications by Robert E. Scott
Congress should take advantage of the groundswell of bipartisan concern about the negative impacts of the devaluation of the yuan to pass new laws and resolutions.
By choosing to devalue its currency, Chinese officials are trying to solve their domestic economic problems by exporting unemployment to the rest of the world. The United States will be hardest hit by the devaluation of the yuan.
The United States lost 5 million manufacturing jobs between January 2000 and December 2014 due to growing trade deficits in manufacturing products prior to the Great Recession and then the massive output collapse during the Great Recession.
In a jointly authored statement, former EPI board members and U.S. Labor Secretaries F. Ray Marshall and Robert Reich called on Congress to reject Trade Promotion Authority and the Trans-Pacific Partnership because that deal will “harm America’s working people.” Despite this statement, the House today approved a truncated version of Fast Track (TPA) that excludes funding for Trade Adjustment Assistance for displaced workers.
The House is expected to vote this week on fast track authority to negotiate two massive trade deals, including the proposed Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (T-TIP).
EPI’s Rob Scott joined NPR’s “On Point” to discuss the debate over trade, globalization, and the TPP.
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It would be unconscionable for the administration to negotiate, or for Congress to approve, a trade agreement that does not include strong and enforceable tools to end currency manipulation.
EPI’s Rob Scott spoke with NPR’s “Morning Edition” about potential U.S. jobs lost due to rising imports from the proposed Trans-Pacific Partnership.
Last week, the president claimed that critics who say that the Trans-Pacific Partnership (TPP) “is bad for working families… don’t know what they are talking about.”
But the truth is, there is an emerging consensus that globalization has put downward pressure on the wages of most working Americans, and has redistributed income from the bottom to the top.
Currency manipulation distorts trade flows by artificially lowering the cost of U.S. imports and raising the cost of U.S. exports, and is the leading cause of growing U.S.
The U.S. trade deficit in its top 30 export industries is a consequence of its toleration of massive currency manipulation over many years by China, Japan, and about 20 other countries, the failure to eliminate widespread tariff and nontariff barriers to U.S. exports, and the failure to develop effective strategies for rebuilding U.S. manufacturing.
This post originally appeared in The Huffington Post.
This week, Senator Hatch will reportedly introduce “fast track” (trade promotion authority) legislation in the Senate, to help President Obama complete the proposed Trans-Pacific Partnership (TPP), a trade and investment deal with eleven other countries in Asia and the Americas.
This post was updated at 5:43 pm to reflect additional analysis.
Today, the Washington Post fact checker, Glenn Kessler, claimed that Public Citizen’s analysis of the Korean Free Trade Agreement (KORUS) is based on flawed economics and faulty math.
(Update of a blog post from March 14, 2014).
March 15th was the third anniversary of the U.S.-Korea Free Trade Agreement (KORUS).
In a recent op-ed in the Washington Post, three prominent economists, David Autor, David Dorn, and Gordon Hanson make a number of controversial arguments in favor of the proposed Trans-Pacific Partnership (TPP).
Unfair trade deals have lowered the wages of U.S. workers by displacing jobs and weakening the bargaining position of low- and middle-wage workers.
The United States had a goods and services trade deficit of approximately $463.5 billion in 2013, which cost millions of U.S.
In December I showed that growing trans-Pacific trade deficits would set the stage for growing trade-related job displacement. New data released this month show that the U.S.
Currency manipulation by Japan—the second largest currency manipulator in the world—is a major driver of the U.S.-Japan trade deficit, which cost nearly 900,000 U.S.
The 69th Economic Report of the President (ERP), released this week, has much to recommend it—especially its focus on policies needed to rebuild middle-class economics, including raising the federal minimum wage and increasing job-creating investments in infrastructure, science, and technology.
Trade is a hot topic on Capitol Hill this year. President Obama has asked members of Congress for “fast track” trade promotion authority in order to finalize proposed trade deals with Asia and Europe that set the stage for growing, trade-related job displacement.
The U.S. Census Bureau reported that the annual U.S. trade deficit in goods and services increased from $476.4 billion in 2013 to $505.0 billion in 2014, an increase of $28.6 billion (6.0 percent).
Currency manipulation is the most important cause of the large and growing U.S. trade deficit with Japan, which displaced 896,600 U.S. jobs in 2013, with job losses in every state and nearly all U.S. congressional districts. In this context the United States should insist that currency manipulation be directly addressed in the proposed Trans-Pacific Partnership.
Robert Scott appeared on C-Span’s Washington Journal on Jan. 30, 2015 to talk about the Obama administration’s calls for more presidential authority in crafting international trade deals, as well as negotiations over the Trans Pacific Partnership.
Despite policies that have shrunk manufacturing employment and hurt its international competitiveness, U.S. manufacturing is still a large and vital part of the U.S. economy. It accounts for 8.8 percent of employment in the United States—a total of 12 million workers in 2013—and plays a particularly important role in the labor markets of the Midwest and the South.
The United States failed to achieve a doubling of exports between 2009 and 2014, as promised in President Obama’s National Export Initiative (NEI).
Since China entered the World Trade Organization (WTO) in 2001, the massive growth of the U.S. goods trade deficit with that country has cost 3.2 million U.S.
Since China entered the World Trade Organization in 2001, the massive growth of trade between China and the United States has had a dramatic and negative effect on U.S. workers and the domestic economy.