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You can also trace a significant amount of economic decline to both NAFTA and China Free Trade which took away a significant amount of jobs in the manufacturing sector. Those jobs paid well compared to service industry jobs and also kept a significant amount of professionals employed in manufacturing companies.
The second hit from both of these policies is downward pricing pressure put on manufacturers "but I can get it for XXX cheaper from China" which in turn forces wages even lower. I'm happy to be working, but back to what I earned in 2006 with a significant increase in healthcare cost, more responsibility and longer hours.
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