Fast Track" Authority. Like his predecessors, President Obama seeks "fast track" authority
from Congress in negotiating trade agreements-a commitment from Congress to vote
on negotiated trade agreements without amendments. It is argued that U.S. trade negotiators
will not be taken seriously by other nations at the bargaining table unless Congress
agrees to "fast track" agreements.
Mass Losses from Trade
The global economy has produced growth and_profit for America's largest corporations and
amply rewarded the nation's highest skilled workers. Indeed, global trade has raised aggregate
income for the nation. But at the same time, it has worsened inequality in America. Elite gains
have been accompanied by mass losses.
Stagnating Worker Earnings. Average hourly and weekly earnings of American workers
are no higher today than 30 years ago. In real dollars (controlling for the effects of inflation),average hourly earnings declined from $8.55 in 1973 to $7.40 in 1995 (see Figure 9-4).The economic expansion of the 1990s partially restored real wages. But wages today are only now approaching levels of the l970s.