Ohio lost 120,000+ jobs due to U.S. trade deficit with China: EPI
Cleveland.com discusses with Iain Murray a report that claims Ohio lost 121,500 jobs due to the United States’ trade deficit with China.
Iain Murray is vice president of strategy at the Competitive Enterprise Institute in Washington, D.C., which supports free trade. He said Scott’s report failed to see the many factors influencing trade, which make it a “dynamic” business activity.
“Even in the United States, as one company comes up with a brilliant new idea, and uses that to become a dominant player in the market, other companies fade,” he said. “It is a process called creative destruction. Old industries are destroyed, but new industries appear, which in the end, are more beneficial than the old industries.”
Murray said a flaw of Scott’s analysis is that it doesn’t take into account the role automation has played in U.S.
The analysis, based on government data, determined the net impact trade with China had on U.S. jobs by subtracting the job opportunities lost to imports from those gained through exports.
Read the full article at Cleveland.com.