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 ...
Yup, almost ALL apple juice and GP comes from there.
Sad huh?
Hey Washington State, What do you have to say about that?
True but remember 1965 was still post WWII where we stood like a Colossus in the world.
There was little or no competition from Europe. Asia and South America did not have the rule of law, Central Banking systems, infrastructure, education, or political stability necessary for economic growth.
As a society we want the high wage, high tech, high value added manufacturing.
That is where we need to focus.
Of course it doesn't help that GE just moved their High Tech Imagine Division to China.
Too tentative.
Bring it all back.
100% import tariffs on everything. Enough of playing paddy cakes.
America first.
“The fatal flaw in this analysis is that just because the OEM is in the USA doesn’t mean that the sub assemblies are not 50 to 75% Chinese.”
At least. The article is pure bullshit. There is no longer anything that is actually assembled (in the production sense) in the US. We may snap together and do finish work and QC (which is MUCH needed), but easily 75% is done overseas. The bulk of the equipment and goods (especially disposables) are made offshore as well. The combination of assembly, assembly products and small shop fabrication has absolutely wiped out an entire sector of manufacturing in the US. Much of the 30 million jobs lost are from the small businesses that USED to occupy that niche.
It is not nonsense, it is change.
The world is not as it once was and never will be again.
I’m starting to think we are not what we once were.
As a nation, we seem content to simply roll over and surrender.
WHEN DID THIS HAPPEN?
And worse, how did it happen to conservatives?
Hasn't stopped Germany. And it's not due to their social market economy either.
True but remember 1965 was still post WWII where we stood like a Colossus in the world. There was little or no competition from Europe. Asia and South America did not have the rule of law, Central Banking systems, infrastructure, education, or political stability necessary for economic growth. As a society we want the high wage, high tech, high value added manufacturing. That is where we need to focus. Of course it doesn't help that GE just moved their High Tech Imagine Division to China.
They both are "assembled" in the USA. Kitchenaid blenders and mixers are made in their Greenville, OH facility (my Kitchenaid stand mixer is still going strong) and as of today, the Waring Pro blenders still have "Made in USA" stickers on their packaging. I was blender shopping this afternoon so I checked.
Both brands also have cheaper appliances that are made overseas.
Yep. Two words. Harbor Freight.
All these freight train loads of sea containers must be empty...
One has to remember a shirt made in china then shipped to America where it then gets a label an laundry instruction tabs sewn into it is considered “made in America”....
Hell they even had to cancel Cliff Clavins “made in America” series ......:o)
“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”
No one ever mentions that the famous Blowout Preventer in the BP oil spill was ‘Made in China’.
There is reason for optimism.......
I recently saw a clip of some Chinese girls on tour. They were having pictures made and having a great time. Several were wearing Daisey Mae’s. That means we are winning their hearts and minds. They like, prehaps prefer, things American.....
There is reason for optimism.......
I recently saw a clip of some Chinese girls on tour. They were having pictures made and having a great time. Several were wearing Daisey Mae’s. That means we are winning their hearts and minds. They like, perhaps prefer, things American.....
Dollar to a donut, those Daisy Mae’s were imported from China.
Yes it did.
Germany's GDP and manufacturing output did not hit pre-war levels until the late 1980's. Final clearing of bombed out shells didn't end until 1990. The war had a profound effect on Germany.
Germany concentrates on high tech, high value added manufacturing products. A good national strategy.
BTW 60% of BMW's sold in Germany are produced in Alabama and shipped to Germany.
Hey that Mussolini had some great ideas too.
My response to this same article yesterday:
“A totally meaningless statistic. What useful information does anyone think expressing Chinese imports as a percentage of all consumer goods and services purchased in the US actually provides? Express it as a percentage of GDP and that will be an even smaller number, and equally meaningless.
In 2010 we exported $91,880.6 billion to China and imported $364,943.9 for a net trade deficit of -$273,063.2 billion.
The formula the ‘free’ trade advocates like to use when pushing another new trade agreement is that each billion in new exports creates 15,000 new jobs. Using that same formula to look at the job impact of our China trade shows a net loss of 4,095,000 jobs.”
http://search.foxtab.com/?q=15,000%20jobs%20per%20billion%20in%20exports&s=2&chnl=fxmoz
Ironic you would try to imply that opposing sending everything in America to a (fascist) country is fascist.
Got any real thoughts in your head?
That’s the way it is with manufacturing. When all the raw materials are made in the US, I would expect it to be because of stupid federal regulations. BTW, are those sub assemblies 50-75% Chinese or not? Of course they could just as easily be from some third country. Welcome to the modernity. I suppose one could try to take us back to 1949, but I wouldn’t recommend it.
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