How the Middle Class Got Screwed by Globalization
Former CIBC World Markets Chief Economist Jeff Rubin argues that all this was foreseeable back when Canada, the United States and Mexico first started talking free trade. Labour argued then that manufacturing jobs would move to Mexico. Free-trade advocates disagreed. Today, Canadian and American factories sit idle. More steel is used to make bottlecaps than cars. Meanwhile, Mexico has become one of the world’s biggest automotive exporters. And it’s not just NAFTA. Cheap oil, low interest rates, global deregulation and tax policies that benefit the rich all have the same effect: the erosion of the middle class.