It’s called cheap crap from China
In the shadow of the opening of the Clinton Library Nov. 18, PBS took a sharp look at the baseline reason retail behemoth Wal-Mart has consistently been able to, and continued to, gin down prices from its suppliers.
It’s called “free” trade with China.
The roots of this job-slashing legacy lie in the 1993 North American Free Trade Agreement that New Democrat President Clinton signed. That, of course, was followed by the World Trade Organization, extending many NAFTA principles worldwide.
Unfortunately, New Democrat Clinton didn’t see fit to include adequate labor rights safeguards in these free trade agreements. So, China can let companies there pay workers pennies and fire those who protest either wages or working conditions, knowing that strikes are out of the question.
Conscienscious American businessmen such as Tom Hopson , CEO of Five Rivers Electronics Innovations, know this too well.
That includes seeing Wal-Mart fight Five Rivers’ anti-dumping complaint with the International Trade Commission being fought by Wal-Mart. That includes Beijing “suggesting” to other television manufacturers that they not join Five Rivers’ suit.
Considering the rate at which the Chinese economy grows, this arguably could be considered a form of hostage-taking or economic terrorism.
That’s the Clinton legacy.
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