Bill Clinton’s True Legacy: Outsourcer-in-Ch

Bill Clinton’s True Legacy: Outsourcer-in-Chief


Progressives who justifiably condemn the repeal of the Glass-Steagall law that resulted in deregulating banks have Clinton to blame. According to the findings of the Financial Crisis Inquiry Committee, “The decision in 2000 to shield the exotic financial instruments known as over-the-counter derivatives from regulation, made during the last year of President Bill Clinton’s term, is called ‘a key turning point’ in the march towards the financial crisis.”


But the only thing worse than being a taxpayer forced to bail out reckless banks is losing your job because it’s been outsourced or offshored. As Richard McCormack pointed out in the American Prospect, in the beginning of this century American companies stopped making the products Americans continued to buy, from clothing to computers. Manufacturers never emerged from the 2001 recession, which coincided with China’s entry into the World Trade Organization. Between 2001 and 2009 the U.S. lost 42,400 factories and manufacturing employment dropped to 11.7 million, a loss of 32 percent of all manufacturing jobs. The last time fewer than 12 million people worked in the manufacturing sector was in 1941.

Clinton had the gall to accuse those who opposed China’s entry into the WTO of “aligning themselves with the Chinese army and hard-liners in Beijing who do not want accession for China.” Clinton claimed that the agreement that he championed “creates a win-win result for both countries,” arguing that exports to China “now support hundreds of thousands of American jobs” and “these figures can grow substantially.” (Clinton’s press person at the Clinton Global Initiative did not respond to my requests for feedback.)

Clinton then went on to enact NAFTA, or the North America Free Trade Act, which as American Prospect editor Robert Kuttner has observed, “was less about trade and more about making it easier for U.S. based multinationals and banks to take over Mexican companies.”

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