According to a globalist economist at the Peterson Institute for International Economics (PIIE), the “fetish” of the American working class and middle class to relocate millions of manufacturing jobs to the United States from abroad is racist.
For decades, millions of Americans in manufacturing and support industries have lost their jobs to globalization and outsourcing. Every year, recent figures have shown that more than 100,000 Americans lose their jobs due to US free trade policies, impacting working and middle-class American communities in all 50 states. and of all racial backgrounds.
At an event hosted by the globalist-libertarian Economic Institute CATO, PIIE President Adam Posen suggested that opposing outsourcing and supporting the relocation of American manufacturing overseas is racist .
“The fetishism for manufacturing is part of the general fetishism for keeping poorly educated white men out of the cities in the positions of power they hold in the United States,” Posen said.
“That’s really what’s happening here because when you look at the cost of…displacing trade and jobs and communities…when I look at the so-called ‘China shock’ costs or the costs of decline of manufacturing, I always think ‘Compared to what?’ “, he continued.
Another amazing clip from the Cato Institute event today, this one from the influential Adam Posen, director of the Peterson Institute. He says focusing on domestic manufacturing is simply a “fetish to keep uneducated white men in the positions of power they find themselves in.” pic.twitter.com/ii4F0ssAjY
— Matt Stoller (@matthewstoller) October 6, 2022
“I can’t think of a better recipe for inducing racial tension than having Wall Street-funded DC elites pushing relocation and then saying anyone who opposes the destruction of their community and livelihoods is racist,” economist Matt Stoller wrote in response to Posen’s claims. .
It turns out that Posen’s PIIE has deep financial ties to China, the Washington Free Beacon reported in 2020:
PIIE has taken advantage of its connections to the Chinese elite, receiving almost $400,000 between 2010 and 2018 from Huaweia Chinese tech giant indicted by the federal government, according to PIIE Chairman Adam Posen. The think tank also received hundreds of thousands of dollars from an anti-democratic Hong Kong billionaire and a nonprofit organization widely seen as a front group for Chinese government influence peddling operations.
Regime-linked groups and individuals poured millions of dollars into Washington, DC, in an effort to shape policy. [Sen. Josh] Hawley said the PIIE partnership is just another example of the Chinese Communist Party (CCP) finding a receptive audience among America’s elite.whether in DC think tanks or boardrooms. [Emphasis added]
The PIIE has cultivated close ties with Chinese elites, inviting senior officials to speak at its annual symposia co-organized with the China Finance 40 Forum (CF40), a state-backed think tank led by several senior CCP officials. The symposium functioned as a highly visible platform for senior officials not only to critique the Trump administration’s trade policy, but also to tout the Belt and Road Initiative.— the controversial program accused of being a conduit for Chinese influence in developing countries. Former panelists included China’s Vice Finance Minister and Vice Chairman of the Chinese People’s Political Consultative Conference.a political advisory body to the regime. [Emphasis added]
Besides PIIE’s direct financial interest in keeping manufacturing in China, Posen’s assertion that opponents of outsourcing American jobs are rooted in racism doesn’t square with years of research that shows globalization has hit both white and black working class communities.
A 2018 study by the Institute for Labor Economics, for example, revealed how crippled white men and black men in the United States have been by the country’s manufacturing collapse, which has happened as trade deficits piled up and free trade agreements were easily implemented.
Moreover, economic nationalism brought support from nearly every demographic group of Americans. A January survey found that relocating US manufacturing jobs overseas was the most popular policy solution to inflation among almost all Americans.
From 2001 to 2018, US free trade with China removed 3.7 million US jobs from the economy, including 2.8 million in US manufacturing. During that same period, at least 50,000 US manufacturing plants closed.
Millions of additional American jobs have been lost due to free trade with Mexico, South Korea and other low-wage countries.
The total U.S. merchandise trade deficit in 2020 reached a record $915.8 billion. Research shows that every billion dollars of imports from a foreign country into the United States leads to job losses in the United States. Meanwhile, U.S. manufacturing remains vital to the U.S. economy, as every manufacturing job supports 7.4 additional US jobs in other industries.
Meanwhile, US tariffs on foreign imports would create millions of American jobs. The latest research shows that tariffs on almost all foreign imports into the US economy would create about 10 million American jobs while increasing domestic production by 20%.
John Binder is a reporter for Breitbart News. Email him at email@example.com. Follow him on Twitter here.