President Barack Obama is making one last push for passage of the Trans-Pacific Partnership agreement in order to please his corporate and Wall Street benefactors. “However,” according to the Economic Policy Institute,
“growing imports of goods from low-wage, less-developed countries (which are produced by US corporations such as Nike and Apple), which nearly tripled from 2.9 percent of GDP in 1989 to 8.4 percent in 2011, reduced the wages of the typical non-college educated worker in 2011 by “5.5 percent, or by roughly $1,800—for a full-time, full year worker earning the average wage for workers without a four-year college degree.”
Overall, there are nearly 100 million American workers without a 4-year degree. The wage losses suffered by this group amount to roughly a full percentage point of GDP—about $180 billion per year. Workers without a 4-year degree constitute a bit less than 70 percent of the overall workforce, but three-quarters of African-American workers (75.5 percent) and more than four-fifths (85.0 percent) of Hispanic workers do not have a 4-year degree. While educational attainment levels for African-Americans and Hispanics are rising, differences remain.
$180 billion a year is only a little bit of how much money is being redistributed from the 99 to the 1 percent, and that’s after tens of millions of US jobs have been exported and the trillions of dollars of income from those jobs have been redistributed from the 99 to the 1 percent. The Trans Pacific Partnership has been negotiated with an eye to export more income and wealth from the 99 to the 1 percent. This will keep stock prices soaring, while weakening the demand for goods and services.