The fact that American workers are grappling with the loss of manufacturing jobs isn’t the fault of China but is due to the U.S. government’s failure to tap into burgeoning corporate profits to improve workers’ plights, a leading economist argued in a CNN column Sunday. “China is being made a scapegoat for rising inequality in the United States,” economist Jeffrey Sachs charged. The richest 10 percent of Americans in 2018 represented 70 percent of all wealth in the nation, according to a recent study. At the same time, American corporations have eagerly sold goods to China’s vast market — and boosted profits by exporting U.S. jobs to Chinese workers earning lower wages. Individual taxes accounted for 57% of total revenue, and an additional 33% came from employment taxes, Bloomberg reported.

Source: Huffington Post May 27, 2019 15:11 UTC