Posted on 08/13/2011 6:52:27 PM PDT by Mikey_1962
An analysis just released by the Federal Reserve Bank of San Francisco concludes that most of what Americans spend on consumer goods, electronics, clothing, sneakers and the like, stays in America. Surprisingly little comes from China after all. Say the authors:
Goods and services from China accounted for only 2.7% of U.S. personal consumption expenditures (PCE) in 2010…Chinese imports make up only a small share of total U.S. consumer spending…
Athough globalization is widely recognized these days, the U.S. economy actually remains relatively closed. The vast majority of goods and services sold in the United States is produced here. In 2010, imports were about 16% of U.S. GDP. Imports from China amounted to 2.5% of GDP.
About 55% of the amount spent on goods made in China stays in the U.S. as well, in the form of transportation costs, wholesale and retail marketing expenses, and labor. Put another way, $276 billion was spent in 2010 on consumer goods labeled “Made in China” compared to the total consumer spending of $10.2 trillion, and $153 billion of that stayed in the United States.
When local services such as doctor’s appointments or a trip to the local theatre or restaurant are excluded, China still takes only about 20 percent of consumer spending on household equipment and furniture, and just 35 percent of clothing and shoe sales. All together then, when the American consumer spends money, only about 3 cents of every dollar is actually spent on “Made in China” goods, and half of that stays here. As noted by Doug Henwood, this study should “revise a lot of clichés.” It’s also a reminder of how much economic activity is inside the American economy – that for most consumers, the best customer is themselves.
(Excerpt) Read more at thenewamerican.com ...
Look at GE's 1.5MW Turbine: The generator itself is from Japan, ALL the steel components are from China; the Nacelles are from either US or China, Blades are from either Brazil or USA. But since it is assembled here in the USA it would be considered Made in USA.
At least the Auto Industry list total North American content on the sticker.
In this globalized world it is no longer realistic to say that anything is entirely made here, there or anywhere.
Bethink thyself of all the Hondas and Toyotas and Mitsubishis assembled right here.
Commence the trade war.
Enough of this nonsense.
Saw one last week being made in York, PA. Awesome.
Delivering must be a bitich.
Yah we ALL believe the Fed. Sounds like BS to me.
I don’t believe it.
Another “expert” who doesn’t have a clue.
Write down a list of 10 ordinary household items that you regularly buy - like sheets and linen, toasters, hardware items, appliances, laptops, tableware, power tools, clothing items - whatever.
None of it will be made in the USA. None of it.
Almost all of it will be made in China.
All of it used to be made here. And these idiots think that’s not a problem. They’re all executives and politicians - none of this will affect them
Back when I was GM engineer working in Silao GTO Mexico I had several arguments (over several beers) about what "buying American" meant if anything.
My argument was that buying a Honda made in Ohio was more American than buying an Chevy Avalanche made in Silao Guanajuato Mexico.
I was born and raised in Detroit and saw the effect "Globalization" had. It made Detroit leaner in every way except labor and health care costs.
Oh man, they really tried in that article. We went from manufacturing being 53 percent of the total economy in 1965 down to nine percent in 2004, and it’s been falling since then. Gotta stop pretending that the dollars are leaving this country never to come back. Alexander Hamilton’s Report on Manufactures has never been so valid as today . . . self-sufficiency in manufacturing industry equals national security to a great degree.
BS
EVERYTHING comes from China.
Maybe not my insurance, not my electicity, nor my gasoline or heating oil.
The Apple juice in my fridge, just like your apple juice, comes from china, So does my garlic powder and god knows what other ingredients in my food that i eat.
Oh yea, my new Dishwasher, Drill, Clothes dryer, Vacuum cleaner, Pots and pans, Garbage disposal, Shop vac, Weedwacker, lawn furniture, HD TV, Playstation, Keyboard, EVERY LITTLE PLASTIC PIECE OF CRAP JUNK DEVICE SITTING IN MY HOUSE was made in China.
I am sitting here drinking a Molson Golden though.
As far as i know that is not made in China yet.
I was born at night....but...... :)
They weigh 6 to 7 tons and are 37 to 50 meters long.
Center of gravity has to be withing 0.5” of center.
3650 inspection points, and a bitch to make and ship.
Apple juice and garlic powder?
Does it say that on the container?
I’m not doubting you,I am just in a state of shock.
This figure was posted yesterday in another post / article.
The 2.7% is based on ALL spending - that’s so deceptive it’s ridiculous.
Most mortgage payments don’t go to China, duh.
We discovered that only about 1/4 of clothing is made in the U.S., while about 35% is made in China.
Last time I went to the “ritzy” mall, there was NOTHING made in Europe except a few Irish sweaters. No Italian ties, silks, shoes, etc., etc.
Everything was garbage from mooselimb or asian countries.
And for that the “ritz” mall wants people to pay huge markups ? If I want Chinese-made clothing I can go anywhere. Walmart clothing at Needless Markup prices.
The huge hidden figure is industrial machine tools and equipment. China. Even Korea and the others are getting pushed out. It’s a disgusting joke.
It’s not 100% of these things, but the amount of imports points exactly towards the missing jobs in the economy.
Can I get a duh ?
I’m about to buy a Chinese blender. In less than four years I’ve had two American-made blenders (Waring Pro and Kitchenaid) crap out on me. These two brands used to produce appliances that would last damn near a lifetime.
“I am sitting here drinking a Molson Golden though.”
The only good thing about free trade.. “Ah, that’s Canada.”
Our national unemployment rate is about 10%
Most of those who lose jobs, will become Democrat voters.
Imagine if, instead, all that stuff you just mentioned, was made right here in America - how many American would have JOBS.
That is not a rhetorical statement.
“Free trade” is a disaster.
Check that - I don’t believe the Kitchenaide or Waring are still made in the USA.
My new Iphone was even “made in China” apparently.
On the other hand it is increasingly difficult to manufacture here - mainly regulatory costs. Most manufacturing entails using raw materials and dangerous/toxic substances and the burden in complying with these mostly oppressive, non-legislated regs has simply made it cheaper to push manufacturing off shore.
The surprising aspect to this is unions that were heavy in manufacturing and overwhelmingly supported Democrat candidates have seen their livelihoods destroyed by these very same left wing politicians in their blind devotion to environmental wackos.
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