The Phaserl


The De-industrialization of America

by Dr. Paul Craig Roberts, Dave Kranzler and John Titus,

On January 6, 2004, Paul Craig Roberts and US Senator Charles Schumer published a jointly written article on the op-ed page of the New York Times titled “Second Thoughts on Free Trade.” The article pointed out that the US had entered a new economic era in which American workers face “direct global competition at almost every job level–from the machinist to the software engineer to the Wall Street analyst. Any worker whose job does not require daily face-to-face interaction is now in jeopardy of being replaced by a lower-paid equally skilled worker thousands of miles away. American jobs are being lost not to competition from foreign companies, but to multinational corporations that are cutting costs by shifting operations to low-wage countries.” Roberts and Schumer challenged the correctness of economists’ views that jobs off-shoring was merely the operation of mutually beneficial free trade, about which no concerns were warranted.

The challenge to what was regarded as “free trade globalism” from the unusual combination of a Reagan Assistant Treasury Secretary and a liberal Democrat New York Senator caused a sensation.

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1 comment to The De-industrialization of America

  • rich

    PEU La La Times

    PEU La La, PEU La La… It’s the beat of our times and that of the Los Angeles Times, now run by a former private equity underwriter with the Blackstone Group and Evercore Partners co-founder. If PECKER and The Carlyle Group can’t improve private equity’s image, then PEU La La might. If they can sell to Hollywood, big entertainment can foist PEU memes onto to the unsuspecting public.

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