Part 4/10:
The American trade balance tells a sobering story. For decades, the U.S. has consistently imported more than it exports, resulting in stagnating job growth in the manufacturing sector. Notably, the U.S. lost approximately 3.7 million manufacturing jobs between 2001 and 2018 due to the influx of cheaper Chinese imports. As jobs shifted overseas, wages for lower middle-class Americans stagnated, contributing to widening income inequality.
The stagnation of wages is stark when compared to the benefits seen by the top 1% of income earners, who thrived on the cost savings from outsourced manufacturing. While the average American worker saw minimal wage growth, business leaders and investors profited immensely from globalization, fueling a deep divide in economic fortunes across social strata.