A new report from the Economic Policy Institute (EPI) reveals the effect that China’s admittance to the World Trade Organization (WTO) has had on U.S. workers and the domestic economy.
According to Robert E. Scott, researcher of The China Toll, “between 2001 and 2011, the trade deficit with China eliminated or displaced more than 2.7 million U.S. jobs, over 2.1 million of which (76.9 percent) were in manufacturing.”
Nearly 2.7 million jobs have been lost to China. 662,100 of these losses came between 2008-2011 according to the study. The computer and electronics industry has been hit particularly hard with 1,064,800 jobs displaced, 38.8 percent of the 2001–2011 total.
Wages of workers with less than a four year college degree have been driven down by competition from less developed countries. Roughly 70 percent of that workforce, nearly 100 million workers, have felt the chilling effect.