EMPLOYMENT IN USA

The Giant Sucking Sound and employment in USA

The Giant Sucking Sound and employment in USA

Introduction

The essay critically evaluates the free trade agreement which result in the decline, in employment opportunities in, United States. The role of economists, politicians, and the Wall Street is crucial in bringing about these agreements, and the affect of which is now most obvious in the form of unemployment in U.S.A.

Discussion

De- industrialization was once a reality, by trading with the companies outside and making them realize that USA is one of the significant states taking jobs outside (Perry, 1972). However, the economists and politicians did not consider one of the crucial facts associated with the NAFTA agreements that are lack of employment opportunities for the US citizens and the long term impact of NAFTA on the manufacturing capability of the state (Valletta, 1998). Before NAFTA, a majority of the workforce worked in the factories making everything from clothing to cosmetics to appliances. According to President Clinton, the global market will open new doors of investment and partnerships for U.S, and bring prosperity in the developing countries, unfortunately, the expectations turned out in favor of only the developing countries and not for U.S, taking a large portion of manufacturing jobs to the poor countries and cutting down the employment opportunities in the state. For manufacturers, the critical years did not start with the banking crisis of 2008. Manufacturing began a formidable downturn that coincided with China's entry in the World Trade Organization, in 2001 (Joseph, 2007). The U.S. has created a tremendous debt burden in order for people to live the lifestyle they have all become accustomed to that is a greater dependence on the service industry with minimal jobs and the lack of manufacturing opportunities (Perry, 1972).

One of the critical issues that not many political ...