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Tax policy plus greed caused the outsourcing boom, not globalization, which has been around for the last 4 decades.
i disagree on several counts.
One, greed has always been around.
two, it is not "outsourcing" but "offshoring", and that is a type of globalization, and it has been happening for more than 40 years.
three, it is caused not by tax policy, it is caused by technology. Railroads, steam power, internet, all forced globalization upon us. You take the good with the bad.
four, if it was tax policy, how come jobs are leaving other developed countries, like western Europe and Japan, too?
U.S. President George W. Bush welcomed China's accession to the World Trade Organization (WTO) on November 11, saying the move will lead to global economic growth.
Bush Hails China's Entry Into WTO (11/11/01) (http://www.china-embassy.org/eng/zt/wto/t36923.htm - broken link)
........................... but Bill Clinton granted China most favored nation trade status (which is what really mattered) in exchange for campaign contributions, dooming the manufacturing sector and the middle class. That, coupled with NAFTA, were the cobmo punch that neutered the middle class. Thanks Bill!
October 10, 2000
Web posted at: 6:28 p.m. EDT (2228 GMT)
By Matt Smith/CNN
WASHINGTON (CNN) -- President Clinton closed years of political and economic debate Tuesday, and sealed a major achievement of his administration by signing a bill extending permanent, normal trade status to China.
http://archives.cnn.com/2000/ALLPOLITICS/stories/10/10/clinton.pntr/story.us.china.gif (broken link) "Today we take a major step toward China's entry into the World Trade Organization and a major step toward answering some of the central challenges of this new century," Clinton said in a bipartisan White House ceremony Tuesday afternoon.
"Trade with China will not only extend our nation's unprecedented economic growth, it offers us a chance to help shape the future of the world's most prosperous nation and to reaffirm our own global leadership for peace and prosperity."
The measure is considered the most important U.S. trade legislation since passage of the North American Free Trade Agreement in 1993. But it faced a long campaign of opposition from labor, human rights and conservative groups who wanted to retain the annual review of trade relations with China.
And Al Gore was the deciding vote that passed giving China most favored nation trade status and Bill Clinton signed it into law. There's enough blame to share among Clinton and all three Bushes( Bush 41, Bush 43 and ObamaBush 44).
U.S. President George W. Bush welcomed China's accession to the World Trade Organization (WTO) on November 11, saying the move will lead to global economic growth.
Bush Hails China's Entry Into WTO (11/11/01) (http://www.china-embassy.org/eng/zt/wto/t36923.htm - broken link)
Bzzzzz. PRC was granted MFN status on a renewal basis year-to-year from 1989 to 1999. In late '99 after Republican pressure on the budget, PRC was granted permanent MFN or permanent 'normal trade relations', in order for them to be admitted to the WTO. Also, by Republican & Democratic pressure, amendments to monitor and tie Chinese weapon proliferation, Chinese patent infringement, Chinese technology theft in addition to human rights and due process rights.
Both Clinton & Bush administrations looking only to wear the pin of trade and the fallacy of increase in import dreams. Both failed the United States.
Just like NAFTA before it, Clinton wanted this bad.
On Monday President Clinton announced an "all-out" campaign to lobby Congress to pass permanent most-favored-nation status for China. The lobbying will be rough, with a fully mobilized American business community working as the iron fist inside the administration's velvet glove. The same day Clinton kicked off his new campaign, U.S. Chamber of Commerce President Thomas Donohue warned, on cue, that members of Congress who oppose permanent trade status for China "will find themselves in an unhappy situation with the business community."
And Al Gore was the deciding vote that passed giving China most favored nation trade status and Bill Clinton signed it into law. There's enough blame to share among Clinton and all three Bushes( Bush 41, Bush 43 and ObamaBush 44).
And after that the economy was fine, until Bush allowed all of the American CEOs to offshore their work force.
"President Clinton will close years of political and economic debate Tuesday and seal a major achievement of his administration by signing off on normalized trade with China."
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