USA TODAY International Edition
MILLENNIALS ARE THE ADULTS ON TRADE
We need to be compassionate but firm with our angry parents
Millennials and Baby Boomers are at it again. Instead of an argument over not doing the chores, watching too much TV or eating dessert before dinner, the child- parent tussle is over globalization and free- trade economics. And this time, the parents are the ones who are whining, “It’s not fair!”
Recently, Boomers in the United Kingdom kicked and screamed all the way to the ballot box, successfully winning the Brexit vote to leave the European Union, despite 75% of those 24 and younger reporting they voted to remain.
Here at home, America faces its own Brexit moment in the form of an American- led trade agreement — the Trans- Pacific Partnership. Anger about free trade runs high, transcending standard ideological divides. QUELLING THE TANTRUMS Democrats and Republicans are nominating two Boomers who actively oppose the TPP. Yet Americans under 30 overwhelmingly say free trade agreements have been good for the United States.
Letting the Boomers get their way on defeating the TPP would be a grave mistake. It’s shortsighted thinking based on a rationale long in the tooth. The task at hand for Millennials is to channel their wise inner parents. “Because I said so” will not suffice in quelling our parents’ tantrums. A compassionate yet firm defense of the TPP is needed.
First, the compassion. The wise parent empathizes with the child’s underlying frustrations. We get it, Boomers. Millennials are struggling, too. In fact, by many measures, Millennials have the most to be angry about in today’s economy. We invested the most in our education, gaining degrees and accumulating debt. Yet we entered adulthood in the Great Recession, where credit was scarce and jobs less than ample. We have the lowest rates of entrepreneurship and home ownership in decades.
But Boomers probably already knew that, given Millennials are more likely to be living in their parents’ home than they are to be living on their own.
Next, the firmness. It’s time to grow up, Boomers! The pet dog that went to the farm is not coming back, the tooth fairy is not real, manufacturing jobs from the past are not returning. ‘ GIANT SUCKING SOUND’ Ignoring that most manufacturing job loss came from advances in technology, manufacturing workers in the USA are only a small portion of overall employment, accounting for just 9% of the workforce.
Comparatively, service workers account for more than three out of four American jobs and contribute to 60% or more of employment in 434 out of 435 congressional districts.
The anger of Boomers is mired in 1990s free- trade political posturing. The narrative today is not a “giant sucking sound” of manufacturing outsourcing ( in fact, manufacturing in America is thriving). It is instead a giant sucking sound of capital left on the sidelines to the detriment of American communities.
Now, the way forward. The TPP is a modern trade agreement for a modern economy. Recognizing the realities of the digital economy, the TPP ensures free flow of data and promotes better cyber security. Protecting an open Internet with harmonized standards does not help just twentysomething Silicon Valley multibillionaires: 97% of American businesses using eBay export abroad. Many of these are small businesses and start- ups, which account for 98% of American exporters. Streamlining onerous digital trade rules will only bolster U. S. start- ups.
With a population of 500 million and a combined economy of more than $ 10 trillion in annual gross domestic product, the USA and its 11 TPP partner countries are a significant market for demand in American innovation and entrepreneurship. This is an opportunity for all generations.
Now if Boomers are still upset, then Millennials need to give them a timeout. No more bellicose threats of building walls or protecting phantom jobs here at home. Boomers, eat your vegetables and support the TPP.