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Elites Discover so-Called “Free Trade” Is Killing Economy, Middle Class

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The New York Times editorial board finally gets it right about trade in its Sunday editorial, "This Time, Get Global Trade Right." Some excerpts:

Many Americans have watched their neighbors lose good-paying jobs as their employers sent their livelihoods to China. Over the last 20 years, the United States has lost nearly five million manufacturing jobs.

People in the Midwest, the "rust belt" and elsewhere noticed this a long time ago as people were laid off, "the plant" closed, the downtowns slowly boarded up and the rest of us felt pressure on wages and working hours. How many towns - entire regions of the country - are like this now? Have you even seen Detroit?

"This page has long argued that removing barriers to trade benefits the economy and consumers, and some of those gains can be used to help the minority of people who lose their jobs because of increased imports," the editors write. "But those gains have not been as widespread as we hoped, and they have not been adequate to assist those who were harmed."   

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