The New York Analysis of Policy & Government concludes its review of the policies and trends that have severely harmed America’s middle class
A substantial portion of the downturn in the middle class has been the loss of steady, well-paying jobs in the manufacturing sector.
According to the Alliance for American Manufacturing “Over 63,000 factories have closed since 2001, and 5.1 million manufacturing jobs have been lost since 2000. President Bill Clinton dramatic alteration in trade relations with China bears a great deal of responsibility for the manufacturing employment exodus. His “U.S.-China Relations Act of 2000” granted permanent normal trade relations with China…It is reasonable to ask why Clinton advocated a measure that clearly would harm industrial workers.”
Michael Bargo, Jr., writing in the American Thinker believes the problem began early in the Clinton presidency, on May 28, 1993, he issued Executive Order 12850, which “illegally shifted the decision-making role [about China’s trade status] to the Secretary of State… Clinton’s Executive Order was issued at a time when the U.S.-China trade deficit was only $18 billion a year. In 2015 the deficit was $367 billion.”
Bargo provides a suggested motive for the odd move: “just as the Clinton Foundation has been linked to relationships Hillary had to her speech payers and donors, Bill Clinton’s decision to send jobs to China by permanently controlling its MFN status has been linked to campaign donations. Boeing Company wanted the EO. Boeing was the parent company of the Loral Corporation, which donated $100,000 to the Democratic National Committee in June, 1994, according to a Washington Post report at the time. A nice reward to Clinton for his MFN status change. The Loral Corporation is a major developer of missile flight control software and at the time they wanted to launch satellites from China. Boeing also owned McDonnell-Douglas which in 1994 made an agreement with China to open a parts factory in Beijing. If this all seems oddly similar to the deals Hillary made with foundation campaign donors, well, that’s because it is.”
There is some slight cause for optimism, though. AP reported in May that American industry expanded production last month at the fastest pace in more than three years. President Trump’s emphasis on U.S. manufacturing, and his rejection of extremist environmental policies, particularly regarding coal, are bright spots.
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Another factor detrimentally affecting the middle class is America’s high corporate tax rate, which has chased jobs offshore. The Daily Signal notes that “The U.S. corporate tax rate is the highest in the developed world—by a long shot. At 39.1 percent (35 percent federal rate plus the average of state rates), it remains substantially higher than the Organization for Economic Co-operation and Development average of 25 percent. Combined with the ‘worldwide” tax system’ employed by the U.S. (where companies’ overseas income is taxed when they return it to this country) the excessively high corporate tax rate poses serious problems for the American economy.”
The final nail in the middle class coffin came courtesy of Obamacare.
Alexander Hendrie, writing for The Hill explained that “ObamaCare imposed a long list of taxes that directly hit middle class families. Further, the ACA legislation increased medical costs overall for middle class Americans. It also harmed middle class-owned businesses. “the 3.8 percent net investment income tax on capital gains and dividends…hits many small businesses organized as pass-through entities that file as individuals, increasing their top federal rate to almost 45 percent.”
Zero Hedge reports that “Per the Wall Street Journal, since 2007 middle class families have been forced to increase the share of their overall spending on healthcare by nearly 25% while cutting back massively on other necessities to cover the difference.”
This month, The Wall Street Journal reported that “Thanks to the ACA, hiring the 50th full-time employee effectively costs another $70,000 a year on top of the normal salary and benefits. Many business owners have described how this penalty prevents them from hiring and has caused them to reduce work hours to below the full-time threshold…Many businesses, when they do not offer coverage, keep their payrolls just below 50 full-time employees and thereby narrowly escape the ACA’s penalty…. the businesses employing just fewer than 50 often said the ACA caused them to hire less and cut hours below the full-time threshold. The penalty caused payrolls to shrink or prevented them from growing. Nationwide, we estimate the ACA-inspired practice of keeping payrolls below 50 has cost roughly 250,000 jobs. This does not count jobs lost when businesses close … or shrink because of other ACA incentives.”