Legacy of President George H. W. Bush
Presidential regimes come and go with varied social, economic, and lasting political impacts that can be traced even in the current presidencies. Under George H. W. Bush, the American presidency is perceived to have enacted unrivaled leadership in addressing the American economic challenges of that time. President Bush Senior laid the foundation for unprecedented prosperity that is traceable to the current administrations. Sbragia (2010 ) refers to President Bush's administration as the pioneer of what is now known as the most competitive trading bloc. The North American Free Trade has significant contributions to the present U.S economic prosperity. The negotiations to this agreement, which was passed on to the Clinton administration, are a legacy of President Bush. Davis (2016), highlights the American's with Disability Act, which opened up opportunities for the previously physically constrained Americans as some of the domestic achievements of President Bush. Consequently, Bush’s legacy or achievement is regarded as successful mainly in foreign affairs department. Contrastingly, the domestic affairs (apart from the disability act) were not as successful compared to his predecessor. However, voters think that the foreign policy were inadequate to overshadow the 1992 economic recession. It is for such reasons that the Americans voted for change.
Effects of Globalization on Jobs
The influx of globalization has had an immense effect on the American job market. American borders are now open to multinational companies that bring with them cheap labor force, which was initially not possible to find in the American market. Most American labor needs are now filled with foreign workers creating a lesser need for American workers who once filled such jobs (Liu et al., 2011). According to a study by Autor, most labor markets exposed to international competition experienced increased cases of unemployment. It established that open international trade with competitive economies like China also resulted in reduced wages since companies had reduced profit margins. Consequently, a study by Ospina (2018), found that some multinationals which sourced labor to other countries closed their business lines in America, which resulted in job losses.
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References
Davis, L. J. (2016). Enabling acts : The hidden story of how the Americans with Disabilities Act gave the largest US minority its rights. Beacon Press.
Liu, Runjuan & Trefler, Daniel. (2011). A Sorted Tale of Globalization: White Collar Jobs and the Rise of Service Offshoring. Journal of International Economics. 118. 10.1016/j.jinteco.2018.11.004.
Ospina, E. O. (2018). Our World in Data: What’s the impact of globalization on wages, jobs and the cost of living? Retrieved from: https://ourworldindata.org/trade-wages-cost-living
Sbragia, A. (2010). The EU, the US, and trade policy: competitive interdependence in the management of globalization. Journal of European Public Policy , 17 (3), 368-382.
