Wal-Mart Cost 200,000 Jobs in the US from 2001-2006

Wal-Mart's imports from China led to loss of nearly 200,000 U.S. jobs from 2001-2006. Wal-Mart claims it creates jobs across America, but a new report shows a much different reality.

The giant retailer’s reliance on cheap goods made in China has cost this country nearly 200,000 jobs since 2001, says the report, The Wal-Mart Effect (summary here), by the nonprofit Economic Policy Institute (EPI).

The report shows Wal-Mart has played a major role in creating a record trade deficit with China that has eliminated some 1.8 million jobs, mainly in manufacturing.

The U.S. trade deficit with China reached a whopping $233 billion last year, and imports for Wal-Mart alone accounted for $27 billion - 11 percent of that total. This year's first-quarter $46.4 billion total deficit is twice as large as in the same period last year.

The U.S. trade deficit with China between 1997 and 2006 has displaced production that could have supported about 2.2 million U.S. jobs, according to EPI. Most of these jobs (1.8 million) have been lost since China entered the World Trade Organization (WTO) in 2001.
So, those always low prices Wal-Mart shoppers love? They cost alot more than you think, they cost jobs and lower the overall standard of living in this country.

Found via FreshPlaza.

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