I listen carefully to the speeches of Donald Trump and Bernie Sanders. Both are furious at the loss of “millions of high paying jobs to China.” Their assumption is the reason for decline of certain factory jobs is because business is taking their production to Asia, particularly, the evil China. Just think, we now produce clothes, shoes, assembly of computers and other such “high paying jobs” elsewhere but in America. For some reason, neither Sanders nor Trump ever mention the word, EXPORT.
In June this year, the United States EXPORTED $183 billion in goods to other nations. We IMPORTED, $227 billion from other countries. To simplify, if we ended import of goods from overseas, we might add about 4,000,000 jobs. Of course, since other nations would raise tariffs on our goods, we might lose 3,000,000 jobs.
Shouting and screaming to rip up trade deals gets the applause of millions. Unfortunately, if we do as Trump and Sanders urge, there might be millions of jobs lost by Americans. And,many of them would be high paying jobs!