Benchmarking globalization’s impact on non-college-educated U.S. workers and households
|Cost of policy, 2011|
|Policy||Archetypal worker*||Archetypal household**|
|Growing trade with less-developed countries||$1,761||$3,084|
|Growing trade with China||564||987|
|Making Bush-era tax cuts permanent and financing with across-the-board cuts to transfers***||963||1,685|
|Solving 75-year Social Security funding gap with across-the-board payroll tax increase||862||1,510|
|Annual federal income taxes||775||1,357|
* Annual income loss for a full-time worker earning average hourly wage for non-college-educated workers in 2011
** Annual income loss for a household of two workers supplying 3,500 hours of work per year while earning average hourly wage for non-college-educated workers in 2011
*** "Transfers" refers to programs such as Social Security, Medicare, Medicaid, unemployment insurance, and food stamps.
Source: Author's analysis of Krugman (1995), Bivens (2008), Mishel et al. (2012), Furman (2007), Social Security Administration (2012), and CBO (2012). See the appendix for methodology.