BurntOrangeLH
2,500+ Posts
Larry Summers was in the Clinton Admin. You would think he would already know the answer to his question. In fact, I would be willing to bet he does, he just doesnt want to say it.
The answer is that we outsourced manufacturing to China and Mexico so companies could pay workers less in wages, while polluting their environments. But that answer is inconvenient because Bill Clinton (with Summers help) passed NAFTA and granted permanent normal trade relations to China*
*the story here Bill Clinton’s Last Great Victory Is the Reason Hillary Gets Hammered on Trade Today
"On May 24, 2000, Bill Clinton clinched what many believed would be the last great legislative victory of his presidency. That afternoon, the House of Representatives voted to award China permanent normal trade relations, effectively backing Beijing’s long-in-the-making bid to join the World Trade Organization. The historic deal had been Clinton’s top priority in the waning days of his last term—a move he hoped would improve relations with the world’s most populous nation, while cementing his own legacy of using free trade to advance America’s foreign policy interests. It had been opposed by labor unions wary of competition from poorly paid foreign workers and championed by corporations salivating over 1.3 billion potential Chinese customers (the business lobby had spent millions on TV ads supporting the pact). In the end, after much wrangling, 73 Democrats joined 164 Republicans to pass the agreement, which was expected to glide through the Senate."
How convenient it is to forget Nixon opened up China. This Soviet era revisionist history is really beyond ignorant.