Sorry for the business of this graph, but I didn't have access to the data, only published graphs that I had to merge. I've always believed that the international trade agreements that resulted in offshoring of so many U.S. jobs is a leading cause of increased welfare spending in our country, due to so many of those who formerly worked in factories being put out of work and just giving up, and going on welfare. This graph shows total welfare expenditures in various categories, along with markers for the two major international trade agreements that resulted in so many companies relocating their sources of goods, or manufacturing facilities, overseas. I also marked the start of Reagan's first term, along with a graph of minimum wage in actual dollars, and adjusted to 2019 dollars. It is interesting to note that total welfare during Reagan's two terms virtually flatlined, with steep increases afterward, coinciding with the two major foreign trade bills. The first ramp up from the 60's through the 70's is most definitely associated with LBJs "Great Society" programs. I think this graph pretty well supports the notion that the foreign trade laws resulted in the offshoring was a significant economic and societal blow to the country, and I don't know if the damage can be repaired. The wealth of the working middle class was shifted to the mega-corporations, leaving a smaller middle class, and an increased welfare class, as a result.
Sorry for the business of this graph, but I didn't have access to the data, only published graphs that I had to merge. I've always believed that the international trade agreements that resulted in offshoring of so many U.S. jobs is a leading cause of increased welfare spending in our country, due to so many of those who formerly worked in factories being put out of work and just giving up, and going on welfare. This graph shows total welfare expenditures in various categories, along with markers for the two major international trade agreements that resulted in so many companies relocating their sources of goods, or manufacturing facilities, overseas. I also marked the start of Reagan's first term, along with a graph of minimum wage in actual dollars, and adjusted to 2019 dollars. It is interesting to note that total welfare during Reagan's two terms virtually flatlined, with steep increases afterward, coinciding with the two major foreign trade bills. The first ramp up from the 60's through the 70's is most definitely associated with LBJs "Great Society" programs. I think this graph pretty well supports the notion that the foreign trade laws resulted in the offshoring was a significant economic and societal blow to the country, and I don't know if the damage can be repaired. The wealth of the working middle class was shifted to the mega-corporations, leaving a smaller middle class, and an increased welfare class, as a result.