Re: The GOP has written this election off as a loss leader
by
manfromv
10/13/2008, 11:49 PM #
The US has a $14Trillion economy, with a national debt of $10T. Is this an unacceptable debt level? Let us assume you are making $100k a year, and you owe the bank $70k, is this unacceptable? Most of the US debt are due to the spending on the Iraq war, which hopefully will come to an end.
The loss of manufacturing jobs to China indicates the US economy is more advanced than the Chinese one. If these jobs stay in the US, their products will cost the US consumers 3 to 5 times more than that produced by the Chinese. In other words the Chinese are providing cheap labour for the US consumers. Since the US unemployment rate is still relatively low (4-6 %), the people who used to work in those manufacturing jobs have gone onto some other higher paying jobs, such as health care and information services.
On the other hand, because of the creation of manufacturing jobs in China, now they have money to buy US goods such air planes and heavy machines. To me that looks like a win-win situation. Good for the Chinese who is improving their lives and good for the US who pay less for their goods and have more money for other things. This is called the globalisation of capitalism and free trade, done properly and fairly will benefit all mankind.