“The latter approach inevitably has helped boost the U.S. trade deficit to already dangerous levels because it involves countries too poor to become consumers of U.S.-made goods but able to become producers of goods destined for the U.S. market.”
The above quote is valid but it misses the larger mark that countries like China use slave labor.
I produce a product with automation. The Chinese can make the product by hand and offer it at half the price. If we tried to make it by hand, our price would be 10 times theirs.
My wife and I see the prices of Chinese products and just can’t believe its possible even with slave labor and free transcontinental shipping to sell the stuff so cheap. I fear something is going on thats far more sinister than we realize.
The Chinese are out-polluting the Eastern Europeans and are more corrupt than the Democrats.
Lack of health or environmental standards, no health care, slave wages, bribes, and government subsidies work wonders.
The days of the robber baron have returned!
I think Bush is doing the globalist thing in order to attempt to stave off massive social destabilization in India and China, as their population of working age folks with no hope of a job skyrockets.
He's still wrong though: the way to approach the problem is to have those countries produce for domestic consumption, rather than for export to the US.
Cheers!