The Lie That Costs Americans Their Jobs I 10 Economic Myths Debunked #6

My old boss Bill Clinton called globalization “the economic equivalent of a force of nature, like wind or water.” Here's what I have to say about that. Watch the rest of my Debunking series here:

[Billclint-if]

The continuously changing economic conditions in our society have made it necessary for people to find additional sources of income, thus I am looking at the stock market to fuel my retirement goal of $3m, my only concern is the recent market crash.

[kristyosborn]

Thank you Robert, for showing the truth. Apparently we (regular people) just need to sacrifice our energy health and natural resources to help make those soft rich people richer.
We need to help them buy another yacht and home in the Hamptons.
Don’t forget we need to help them pay their tax attorneys to avoid wealth taxes. Those “poor” millionaires and billionaires.

[leerussel]

I worked as a Machinist in the 70s and 80s. When china was opened up to trade we lost almost all Machinist jobs.
In the beginning they were using prison labor to make hand tools. Screwdrivers, hammers, plies and alike. It is impossible to compete with prison labor. We got cheep hand tools we lost a hole industry.
We need a fair national industrial policy. Similar to what Japan had when they destroyed the U.S. steel industry.. That is where the anger is coming from in this country. The loss of good paying jobs.

[Regi.]

Thank you sir, for your programming! My husband is running for US Congress in Texas and we learn so much from you! District-17 Mark Lorenzen

[stewartmillen]

From a national defense perspective, you should NEVER let any domestic industry die that would be necessary during a war. This includes things that most don't think of as defense industries, such as clothing and food and computers. You don't want to be without any capacity to make these things if your overseas supply lines get cut or disrupted.

[yarnpower]

Greed destroys so many lives. The very rich are money and power hoarders.

[ralimba]

We need fair working conditions for all countries.

[creeib]

Capitalise the profits, and socialising the losses.

[TubesAXk]

Free trade only benefits those who already have significant stock in the companies who are about to engage in it. It's a bit like watering SOME flowers but all of them. Some flowers will wither and die off. The only one who benefits is the gardener.

[ChaiChai-uu]

Private profits and public bail outs when your gambling loses money.
Politicians all bought and paid for.

[jimgriffiths]

I personally witnessed the loss of manufacturing jobs, closed factories, gutted all because of globalization and cheaper goods with vastly more profits. The 1% thrive. The 99% of the rest of us suffer.

[hughbetcha]

As long as it is allowed that corporations and wealthy individuals may influence politicians and elections, the common man/woman is screwed. It will take legislation from both sides of the aisle (simultaneously) to stop this influence. One party cannot achieve this alone because all money will be directed to the other party. There is no other way out of this situation. I cannot imagine our elected officials uniting to stop this practice. Now, re-read my first sentence

[neonshadow]

The rich "believe" whatever will make them richer at the cost of everyone else.

[trevormaxwell]

Thank you Robert Reich for telling the truth and sharing the truth 😊❤

[theprecipiceofreason]

We knew this in the 90's. Everything has gotten worse since free trade. Everything.

[djack]

Thank you Robert for educating us ALL!!

[asaluk]

Thank you, Robert Reich. If the mainstream media were talking about what he's talking about, we'd be much better able to make real economic and government reforms.

[ernstthalmann]

Dr Reich has a great sense of humor on top of being brilliant.

[floydblandston]

"The Market kills and blesses by turns, but it cannot bless those its already killed."- Wendell Berry

[matthewthomasomeara]

Roughly around 1980, the Democratic party abandoned unions in favor of the urban professional class. Party leaders like the Clinton's patted themselves on the back for embracing free trade and globalization while conveniently cashing big checks from wall street and silicon valley. Their former working class union supporters were looked down upon as "deplorables". Taking a 50% pay cut to work as a Walmart greeter rather than a factory worker made them bitter. Some turned to opiates. Others turned to Fox news.

If Democrat leaders could just come clean and admit that free trade and globalization was horrible for half of our country, we might stand a chance at holding back the fascist tide that is primed and ready to take power.