Thursday, December 10, 2015
Walmart, America's favorite big-box retailer, may be responsible for the loss of hundreds of thousands of US jobs since 2001
According to a new study from the Economic Policy Institute, Walmart's importing of cheap Chinese goods resulted in the elimination of 400,000 American jobs between 2001 and 2013 by increasing the US' trade deficit with China. It's an estimate that the EPI calls "conservative." About three-quarters of those lost jobs were likely manufacturing jobs. "These job losses are particularly destructive because jobs in the manufacturing sector pay higher wages and provide better benefits than most other industries, especially for workers with less than a college education," the study states. The EPI estimates that Walmart is responsible for more than 15% of the trade deficit growth from 2001 to 2013, costing 3.2 million US jobs. In 2013, Walmart announced that it would increase its use of American-made goods by $50 billion over the next decade. But the EPI counters that Walmart's importing of Chinese goods has cost 100 US jobs for every one American job it creates with that program.