Middle class

The struggles of the US middle class began in the Reagan era but accelerated during the Clinton years. When Clinton signed a free trade agreement called NAFTA many remember the words of Ross Perot when he said, the giant sucking sound you hear is jobs going to Mexico. His words fell on deaf ears and manufacturing jobs moved out of the US to Mexico and this was the beginning of what later was called the Rust Belt. This was the early formation of globalization. Then Clinton supported China's entry to the WTO which resulted in more transfer of US manufacturing overseas. Clinton followed this up with the repeal of Glass Steagall which led to the development of super banks which financed the new manufacturing plants in places like Mexico and China. Over the next 30 years 8 million good paying factory jobs were sent abroad and the middle class suffered while big business reaped huge profits. This is all being reversed with the end of globalization and the reshoring of industry.