China Shock Has Decimated 5.7M U.S. Jobs Since the 2000s. Now, It’s Back. | WSJ Then vs. Now

The U.S. was flooded with cheap Chinese-made goods that helped keep inflation low in the late 1990s and early 2000s. Manufacturing jobs declined by 5.7 million from 2000 to today, in what economists call “China Shock.” Now, those imports from China are surging again in industries like EVs, semiconductors and renewable energy.

WSJ looks at what’s different this time around – and what that means for American jobs and the U.S. economy.

Chapters:
0:00 Chinese imports
0:46 Jobs
3:21 Tariffs and regulation
4:34 What’s next?

#China #Economy #WSJ

[ezrwlmw]

American capitalists outsourced production to China and other underdeveloped Asian countries, and also transferred high-pollution, high-energy-consuming low-end industries to Asia. Asians do the dirtiest and hardest work but get the lowest wages to pay for the Americans' high-consumption, high-waste, low-labor luxury life. Americans sit in their offices on Wall Street and reap the benefits of workers all over the world with dollars by tapping on their keyboards. Now they are pretending to be victims here again. They are shifting the conflict between American capitalists and ordinary American workers to geopolitical tensions and blaming China. How hypocritical and shameless.

[irememberla]

And who is profiting from outsourcing to China? American companies. What a stupid story.

[Catofsteel]

Here the key point that none is mentioning: Who decides if a factory is transferred to China? A bunch of American corporate guys in New York, Chicago, or in any other city, looking for savings and more profits.

[bryanjoachim]

I'm the last generation of Americans who worked in the mills and plants of New England. Downsized from closed factories three times my the mid 90's, I can tell you, it wasn't the Chinese who destroyed my hot, dirty, dangerous, well paying jobs (Which I enjoyed, for the most part). It was OSHA, EPA, lawyers, zoning, insurance and finally Wall Street who sold my job for Walmart pricing.

[jeremyt]

2001: Here China, have our industries.
2024: China stole our industries.

[shack]

america likes free markets until they start losing

[charlesmann]

Now Fortune 500 companies are outsourcing white -collar jobs at a record pace to India and Central America.

[rilly]

I don’t blame China for this issue in particular. I blame the US for having zero vision and allowing major corporations to do this.

[GodofGHz]

No... China didnt "destroy" american jobs.

Companies found it was much cheaper to outsource their production to China where labor and material costs were very inexpensive

[huanghermann]

Why don't you count how much have the US firms earned from this China shock? Why do you only count the damage, not the benefits?

[liko]

The Irony an American Flag made in China.

[shawnbai]

This kind of articles treat audience as fool

[DeCypher_]

keep blaming china for everything economical, blame russia for European / American issues, blame Iran for American / Middle East issues. blame blame blame

[micheal_mills]

When the dollar gets weak, it could mean tough times ahead economically. I'm thinking about how to protect my money from inflation. Lately, I've heard a lot about Bitcoin. With its halving finished and ETFs approved, many folks expect its value to shoot past $100k. I've got $300k saved up, and I'm tempted to invest now. But I'm worried: Is it too late to make the most profit?

[teoengchin]

If you extend the graph all the way back to the 80's, you see that manufacturing jobs have been declining long before China entered the picture

[ntlg]

Anyone who really examines the first five seconds of this video will immediately suspect the WSJ is a nothing but a propaganda farm.

[AyaneFukumi]

>economy is tanking
>everyone has smaller budgets
>everyone buys cheaper Chinese stuff because they can't afford American made stuff
>"surely, making the Chinese stuff as expensive as American stuff is the solution"

[Gpenguin]

It was corporate greed that caused the shutdown of American factories in the first place. If these corporations truly valued their employees, they wouldn’t have shut down these factories in America and outsourced to China, Vietnam, Bangladesh, India, etc.

[marcusj]

Who made the profits? Why not go after those who made the profits with the offshoring?
You are looking in the wrong place buddy

[BangkokZed]

Usually late night, two Chinese guys on bicycles pedaled up to American factories, and in an act of sheer absurdity, they packed up all the jobs in entire factories, tucked it under their arms and quietly cycled away to China with all jobs to a new spot. This is how it happened.