If I understand correctly, you're suggesting that the US middle class suffered as a result of trying to help the Chinese?
That would make sense if as a whole the US economy started stagnating because of trade with China but as far as I know the US GDP has still been growing.
Given that the US is still as a whole doing well, I'd argue that the reason the middle/lower class isn't doing well isn't because of China but because of the imbalance in where these profits have gone. In other words, I think it's wealth inequality that is the real issue.
And what exactly caused the wealth inequality? The CEO types closed American factories and moved production to China. This is great for the stock of said company, the CEO, the board of directors, and China. Wait a minute... this really sucks if you are were a worker in the American factory that closed! Hey at least they can buy cheap Chinese stuff at Walmart with their unemployment checks.
I never mentioned inequality. The purchasing power (and wage) of the average American and European working has either declined or stagnated. What China has done pulling millions out of poverty is amazing, taking nothing away from that. Lets not pretend those BS 8% growth numbers year after year did that, a lot of that wealth came from the west.
No, I said the American and European middle class has suffered while the Chinese lower class has risen. And in a democracy, large policy decisions that affect the economy and your standard of life are voted upon.
No one ever voted for globalization.
> US GDP has still been growing.
Not at a rate high enough to sustain an increase in quality of life. Yes there are other factors, but anything below 4% is a crisis.
That would make sense if as a whole the US economy started stagnating because of trade with China but as far as I know the US GDP has still been growing.
Given that the US is still as a whole doing well, I'd argue that the reason the middle/lower class isn't doing well isn't because of China but because of the imbalance in where these profits have gone. In other words, I think it's wealth inequality that is the real issue.