U.S. textile industry hurting more today than in 1930â€™s depression
The American Textile Machinery Association (ATMA) announced today that its U.S. textile mill customers have suffered more damage in the past five years than the industry did during the Depression of the 1930â€™s.
ATMA Chairman Fred Moorhead, said, “Let there be no doubt about how much U.S. textile mills and their workers are being hurt by unfair trade imports. They are facing downturns in business today greater than they did in the darkest days of the Depression.”
This is thanks to “free trade” which means factory owners get the work done at the absolute cheapest price by exploiting labor worldwide.
If the company is US owned then just the threat of moving the factory out of the country will keep labor scared and compliant. If the factory is foriegn owned, then that same “free trade” means they exploit elsewhere and dump their goods here.
And if the factory that had been in your town for decades just got moved to Indonesia and you and your town are now going broke, well too bad pal, the invisible hand of the marketplace just gave you the finger.