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Walter Williams: China Is Not The Source Of Our Jobs Problem
IBD ^ | 12/21/2011 | Prof. Walter Williams

Posted on 12/21/2011 6:27:22 PM PST by SeekAndFind

Republicans and Democrats, liberals as well as conservatives, have bought into anti-Chinese trade demagoguery.

Former House Speaker Nancy Pelosi suggested that tariffs against China are a "key part of our 'Make It in America' agenda."

During his 2010 campaign, Senate Majority Leader Harry Reid, D-Nev., called his Tea Party-backed Republican challenger, Sharron Angle, "a foreign worker's best friend."

In a recent news conference, President Obama gave his support to the anti-China campaign, declaring that China "has been very aggressive in gaming the trading system to its advantage," adding that "we can and should take action against countries that are keeping their currencies undervalued ... (and) that, above all, means China."

Republican 2012 presidential candidates have also jumped on the anti-China bandwagon.

Mitt Romney wrote: "If I am fortunate enough to be elected president, I will work to fundamentally alter our economic relationship with China. ... I will begin on Day One by designating China as the currency manipulator it is."

Former Sen. Rick Santorum, R-Pa., was even more challenging, saying, "I want to go to war with China."

Let's look at the magnitude of our trade with China. An excellent place to start is a recent publication (8/8/2011) by Galina Hale and Bart Hobijn, two economists at the Federal Reserve Bank of San Francisco, titled "The U.S. Content of 'Made in China.'"

One of the several questions they ask is: What is the fraction of U.S. consumer spending for goods made in China? Their data sources are the U.S. Census Bureau, the Bureau of Labor Statistics and the Commerce Department's Bureau of Economic Analysis.

(Excerpt) Read more at news.investors.com ...


TOPICS: Business/Economy; Culture/Society; Foreign Affairs; News/Current Events
KEYWORDS: brazil; china; freetrade; imports; india; jobs; mexico; trade; unemployment; vietnam
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1 posted on 12/21/2011 6:27:24 PM PST by SeekAndFind
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To: SeekAndFind

bump


2 posted on 12/21/2011 6:28:32 PM PST by B.O. Plenty (Elections have consequences....)
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To: SeekAndFind

This facts might surprise a lot of people....

* the vast majority of goods and services sold in the United States are produced here.

* In 2010, total imports were about 16 percent of U.S. gross domestic product, and of that, 2.5% came from China.

* A total of 88.5% of U.S. consumer spending is on items made in the United States, the bulk of which are domestically produced services — such as medical care, housing, transportation, etc. — which make up about two-thirds of spending.

* Chinese goods account for 2.7% of U.S. personal consumption expenditures, about one-quarter of the 11.5% foreign share.


3 posted on 12/21/2011 6:29:07 PM PST by SeekAndFind
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To: B.O. Plenty

This facts might surprise a lot of people....

* the vast majority of goods and services sold in the United States are produced here.

* In 2010, total imports were about 16 percent of U.S. gross domestic product, and of that, 2.5% came from China.

* A total of 88.5% of U.S. consumer spending is on items made in the United States, the bulk of which are domestically produced services — such as medical care, housing, transportation, etc. — which make up about two-thirds of spending.

* Chinese goods account for 2.7% of U.S. personal consumption expenditures, about one-quarter of the 11.5% foreign share.


4 posted on 12/21/2011 6:29:33 PM PST by SeekAndFind
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To: All

bump..


5 posted on 12/21/2011 6:30:57 PM PST by KevinDavis (The History of Christmas: http://www.thehistoryofchristmas.com/)
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To: SeekAndFind

Not sure where you got your facts, but I doubt there accurate.


6 posted on 12/21/2011 6:35:10 PM PST by SoConPubbie
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To: SoConPubbie

The facts are taken from the article’s reference.

They are from a study by Galina Hale and Bart Hobijn, two economists at the Federal Reserve Bank of San Francisco, titled “The U.S. Content of ‘Made in China.’”

Maybe you can cite a study that contradicts the above study...


7 posted on 12/21/2011 6:37:21 PM PST by SeekAndFind
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To: SeekAndFind

The first candidate that eschews the Globalist-First crap we got with GWB and others, and promotes a plan to effectively counter the offshoring of our Manufacturing sector and not accept the lie, as John McCain put it, that “Those jobs are gone forever”, is the candidate that will get a ground-swell of support.

We need a candidate that is America First and Fair Trade, not Free Trade.


8 posted on 12/21/2011 6:37:47 PM PST by SoConPubbie
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To: SeekAndFind

On ABC nightly news that I just happened to surf by were showing statistics on what we give to China and I was floored when I found out we send them billions of dollars for social service programs. Unbelievable. We have enemies within.


9 posted on 12/21/2011 6:38:12 PM PST by ronnie raygun (V)
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To: SeekAndFind

On ABC nightly news that I just happened to surf by were showing statistics on what we give to China and I was floored when I found out we send them billions of dollars for social service programs. Unbelievable. We have enemies within.


10 posted on 12/21/2011 6:38:19 PM PST by ronnie raygun (V)
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To: SeekAndFind

Furthermore, the Globalist Crap spewed by the GOP ELite is also connected to their desire for open borders and a cheap labor supply.


11 posted on 12/21/2011 6:38:45 PM PST by SoConPubbie
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To: SeekAndFind

Nope, but I sure as hell am not going to accept at face values economists linked to the Fed at first blush without some corroborating evidence.

Furthermore, since everything I pick up has Made-in-China or some other third-world country, and very few things I can put my hands on actually state they are made in America, I find the study highly susceptable.

Just anecdotal evidence, but still, its’s evidence none the less.


12 posted on 12/21/2011 6:41:11 PM PST by SoConPubbie
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To: SeekAndFind

I love how all the “conservatives” on this site RAVE about Walter Williams and Thomas Sowell and their massive, immeasurable intellects, but not 1 in 100 “conservatives” on this site has (a) read what these guys say about free trade, and/or (b) agrees with it.

I wonder why, among all the conservative economists out there, so many “conservatives” go ape sh*& over these two. Can’t quite put my finger on it.


13 posted on 12/21/2011 6:43:39 PM PST by Doctor 2Brains (If the government were Paris Hilton, it could not score a free drink in a bar full of lonely sailors)
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To: ronnie raygun
"We have enemies within."

They are called The United States Establishment!

14 posted on 12/21/2011 6:53:23 PM PST by PALIN SMITH (In a time of universal deceit, telling the truth is a revolutionary act.)
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To: SeekAndFind
* the vast majority of goods and services sold in the United States are produced here.

Hamburgers and chicken?

15 posted on 12/21/2011 6:56:38 PM PST by Rightwing Conspiratr1
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To: Doctor 2Brains
If you check the Republican Party's history, you'll also love how it was Republicans primarily that implemented and, in some cases, raised tariffs.

Of course that was long ago, before free-trade advocates made inroads among the corporate interests that (believe it or not) still have inordinate influence on American elections.

So it's not any surprise to me that a good portion of FReepers would insist on "fair trade," "buy American" and other nonsense. Any overlap with those who RAVE about Walter Williams and Thomas Sowell--and actually read what they've written over the last thirty 30 years--is relatively small, in my estimation. Either you're for freedom to choose your products or you're not; there's not much in-between. Both Drs. Williams and Sowell would agree: it's a human right to choose what you consume, and from whom.

(I could name names, but they'll likely announce themselves over the course of this thread once red flags have been waved in front of them.)

16 posted on 12/21/2011 6:57:42 PM PST by logician2u
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To: SeekAndFind; All
You twist all the facts by including services which of course are produced here like a waiter's services. Fact is every year China makes hundreds of billions worth of products we use while we go deeper in debt.

China is committing economic war and terrorism against the U.S.. China is deindustrializing the U.S. more effectively than a massive bombing campaign against the U.S. factories , leaving hunks of rotting , decaying metal were there were once U.S. factories, and sections of cities ( think Detroit). proof: http://www.freerepublic.com/focus/f-news/2823579/posts

The fact is the U.S. imports hundreds of billions of manufactured goods from China every year. Imagine if all those factories were in the U.S. instead of China producing the products we use. These factories are not in the U.S. they are in China. So the U.S. loses factories, jobs, productive capacity, technology , supporting jobs, wealth etc

And all other countries are copying what China is doing to the U.S. . the U.S. imports more than 2 trillion dollars worth of foreign products every year. We need to re-industrialize the U.S.

Trump, Buchanan and I are economic nationalists. Close the border to illegals and the products illegals make in other countries.

Buchanan was right on immigration and China in 1999. http://www.freerepublic.com/focus/f-news/2774127/posts

Are you for illegals invading our country too, after all doesn't that satisfy your free trade theories of movement of labor? See here globalists we don't need Mexican labor nor Chinese products.

China's living standards are rising while the U.S. living standards are falling. China is lending the U.S. trillions while the U.S. debt is exploding by the trillions. That's 14 trillion in government debt and the share for every working American is over one hundred thousand dollars in government debt. You think that is sustainable?

17 posted on 12/21/2011 7:02:42 PM PST by Democrat_media (China is destroying all our jobs and manufacturing ability. China makes everything.)
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To: Doctor 2Brains

Probably because they know what they’re talking about.

Go figure.


18 posted on 12/21/2011 7:04:18 PM PST by moonhawk (Romney tucks his tail and licks the hand that beats him. Newt rips it off at the shoulder.)
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To: Doctor 2Brains

Yes we don’t need industry , just borrow trillions more from China. We are only being propped up by 14 trillion in government debt, lets borrow trillions more.</Saracasm>

How long do you think that is sustainable? Not long at all.


19 posted on 12/21/2011 7:10:58 PM PST by Democrat_media (China is destroying all our jobs and manufacturing ability. China makes everything.)
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To: SoConPubbie

You are right and he and Walter Williams are dead wrong.

I also see everything made in China or some other country.

We have no jobs, but massive and growing debt.

China is making things and so they are lending trillions to the U.S.. The borrower is the slave to the lender.


20 posted on 12/21/2011 7:17:43 PM PST by Democrat_media (China is destroying all our jobs and manufacturing ability. China makes everything.)
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To: SeekAndFind

go to walmart and look at the labels.


21 posted on 12/21/2011 7:21:45 PM PST by mamelukesabre
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To: Doctor 2Brains
Quit trying . . . you will never be able to 'put your finger on it'.

(And I will never tell you why.)

22 posted on 12/21/2011 7:21:48 PM PST by skeptoid (The road to serfdom is being paved by RINO's, and Lisa Murkowski is their mascot.)
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To: SeekAndFind
I am reading a book, “Mad about Trade” by Daniel Griswold. He confirms the figures going back several decades. The book is informative as it educates the reading on the dynamic labor market first, then discusses trade. Another point of the book is that tariff and trade barrier protect business not the consumer. Consumers do not ask congress to increase the price of goods, business do ask for protection. Also, although free trade will cause job realignment, trade barriers have never shown to bring back displaced jobs. The arguments are compelling.
23 posted on 12/21/2011 7:26:20 PM PST by 11th Commandment (http://www.thirty-thousand.org/)
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To: SeekAndFind
I am reading a book, “Mad about Trade” by Daniel Griswold. He confirms the figures going back several decades. The book is informative as it educates the reading on the dynamic labor market first, then discusses trade. Another point of the book is that tariff and trade barrier protect business not the consumer. Consumers do not ask congress to increase the price of goods, business do ask for protection. Also, although free trade will cause job realignment, trade barriers have never shown to bring back displaced jobs. The arguments are compelling.
24 posted on 12/21/2011 7:26:20 PM PST by 11th Commandment (http://www.thirty-thousand.org/)
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To: mamelukesabre

The author isn’t saying that Walmart isn’t selling Chinese products, he is saying that in spite of this, China IS NOT the source of our jobs problems.


25 posted on 12/21/2011 7:27:45 PM PST by SeekAndFind
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To: SeekAndFind

they are part of it


26 posted on 12/21/2011 7:33:16 PM PST by mamelukesabre
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To: Democrat_media

What does borrowing from China to pay off welfare beggars (approx 60% of the federal budget, including SS welfare beggars, and medicare welfare beggars) have to do with free trade?


27 posted on 12/21/2011 7:33:41 PM PST by Doctor 2Brains (If the government were Paris Hilton, it could not score a free drink in a bar full of lonely sailors)
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To: 11th Commandment; All

“since the Revolution, America has had a standard of living that has been the envy of the world. From the Civil War through the 1920s, as we became the greatest manufacturing power the world had ever seen, our workers enjoyed pay and benefits that were unmatched anywhere.

How did we do it?

We taxed the products of foreign factories and workers and used the revenue to finance the government. We imposed tariffs of up to 40 percent on foreign goods entering our market and used the tariff money to keep taxes low in the United States.

We put our own country and people first.

A new class came to power that looked on tariffs as xenophobic, on economic patriotism as atavistic and on national sovereignty as an antique idea in the new world order it envisioned.
By three decades ago, this globalist ideology had captured both national parties, a product of universities dominated by New Dealers.”

.....
http://www.freerepublic.com/focus/f-news/2774127/posts

Pat Buchanan

You should read Pat Buchanan’s articles and books.


28 posted on 12/21/2011 7:35:30 PM PST by Democrat_media (China is destroying all our jobs and manufacturing ability. China makes everything.)
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To: Doctor 2Brains
It's not free trade .China is committing economic war and economic terrorism by imposing barriers to protect it's industries and by currency manipulations to give it's workers advantages over Americans.

http://www.freerepublic.com/focus/f-news/2823579/posts

29 posted on 12/21/2011 7:39:19 PM PST by Democrat_media (China is destroying all our jobs and manufacturing ability. China makes everything.)
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To: SeekAndFind
Entrepreneurs and their small enterprises are responsible for almost
all the economic growth in the United States
... Ronald Reagan

30 posted on 12/21/2011 7:39:21 PM PST by skinkinthegrass (I can take tomorrow, spend it all today. Who can take your income, tax it all away. Obama Man can. :)
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To: Doctor 2Brains
It's not free trade .China is committing economic war and economic terrorism by imposing barriers to protect it's industries and by currency manipulations to give it's workers advantages over Americans.

http://www.freerepublic.com/focus/f-news/2823579/posts

How can it be free trade if China workers can work for 1/30th what Americans can work for? Who would hire you if someone could do the same thing you did at 1/30th the wage/cost?

31 posted on 12/21/2011 7:44:12 PM PST by Democrat_media (China is destroying all our jobs and manufacturing ability. China makes everything.)
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To: Democrat_media

You prove conclusively that you have no business in this conversation with your first sentence. Sowell, Williams, Von Hayek, Von Mises, Friedman, and many more have addressed this lame and pathetic argument.

“The other side is NOT engaged in free trade; they engage in price fixing, subsidies, dumping, currency manipulation,and trade barriers. That’s NOT free trade.”

They have ALL addressed this argument, as indeed they must, because virtually each and every single nation that has ever existed has engaged in most if not all of these practices, and you do not become a famous CONSERVATIVE economist if you do not recognize and address this plainly unrefutable fact.

NOW! What did the big boys say about these practices? Why is it that even if the chinks do all these things, it is best for everybody involved if we do NOT do these things? You haven’t the slightest clue what they said about these things, do you?


32 posted on 12/21/2011 7:45:02 PM PST by Doctor 2Brains (If the government were Paris Hilton, it could not score a free drink in a bar full of lonely sailors)
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To: SeekAndFind

We have always been flooded with made in Japan, Taiwan, China, Hecho in Mexico, etc.

Those cheap products, being more affordable offer us convenience and productivity tools that we couldn’t as well afford.

Witness the cheaper goods of the Dollar Stores and far cheaper tools at Harbor Freight. Those goods generally don’t last as long, but for DIY homeowners they’re OK.

Bottom line, we profit from lower cost foreign goods.

What I object to are tariffs, taxes on our exports to them that are grossly higher than the tariffs we charge.

Free trade means duties and tariffs are equal and manufacturing is not subsidized like Aerobus, etc.


33 posted on 12/21/2011 7:46:54 PM PST by gandalftb (11th MEU, 2/4 Echo, TRAP Force)
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To: Doctor 2Brains
Pat Buchanan wrote a book on “where the Right went wrong”

This is part of an Article by Buchanan. He is a conservative and a nationalist. You are a globalist.

“since the Revolution, America has had a standard of living that has been the envy of the world. From the Civil War through the 1920s, as we became the greatest manufacturing power the world had ever seen, our workers enjoyed pay and benefits that were unmatched anywhere.

How did we do it?

We taxed the products of foreign factories and workers and used the revenue to finance the government. We imposed tariffs of up to 40 percent on foreign goods entering our market and used the tariff money to keep taxes low in the United States.

We put our own country and people first.

A new class came to power that looked on tariffs as xenophobic, on economic patriotism as atavistic and on national sovereignty as an antique idea in the new world order it envisioned.
By three decades ago, this globalist ideology had captured both national parties, a product of universities dominated by New Dealers.”

.....
http://www.freerepublic.com/focus/f-news/2774127/posts

Pat Buchanan

You should read Pat Buchanan’s articles and books.

34 posted on 12/21/2011 7:52:02 PM PST by Democrat_media (China is destroying all our jobs and manufacturing ability. China makes everything.)
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To: Democrat_media

Patrick Buchanan believes in sending your taxpayer dollars to Hamas!!!!!!!!!!!!! Look it up. I’ve been reading the Nazi retard since the Clintons came to power. He is a populist retard. I am a “globalist”? I don’t even know what that means. I believe each and every single illegal should be rounded up at the point of a gun and sent home right now. Is that a “globalist”? I also believe that Obama, Pelosi, Clinton, and Kennedy should keep their sub-human noses out of my trade negotiations, be they with a guy named Juan, Lee Ho Fat, or Nigel.


35 posted on 12/21/2011 7:55:44 PM PST by Doctor 2Brains (If the government were Paris Hilton, it could not score a free drink in a bar full of lonely sailors)
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To: Doctor 2Brains

I’m for free markets inside the U.S. ,keeping the government out of the economy but I don’t see the need to trade with foreign entities especially those intent on our destruction. Nor do I see the need and your theorists’ needs to let foreign labor flow freely over the border nor foreign products.

Are you for illegals invading our country too, after all doesn’t that satisfy your free trade theories of movement of labor? See here globalists we don’t need Mexican labor nor Chinese products.


36 posted on 12/21/2011 7:56:43 PM PST by Democrat_media (China is destroying all our jobs and manufacturing ability. China makes everything.)
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To: ronnie raygun

In addition to the billions we give China for social services the EPA under Lisa Jackson’s direction is giving China millions of dollars to fund their so-called enviro-projects. All as per Agenda 21 which she runs the EPA by.


37 posted on 12/21/2011 7:58:33 PM PST by Captain7seas (FIRE JANE LUBCHENCO FROM NOAA)
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To: Doctor 2Brains
bs since you think letting in China products is great then you are for letting in Foreign laborers also ,namely letting in illegals.That satisfies your theories of free movement of labor “free trade”

And why the name calling etc. Not only are you helping destroy America quicker but you seem to get angry at those sounding the Alarm.

38 posted on 12/21/2011 8:00:21 PM PST by Democrat_media (China is destroying all our jobs and manufacturing ability. China makes everything.)
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To: Democrat_media

When I say that I want “free movement of labor” then you can ascribe that position to me. Some LIBERTARIANS desire this, I do not. I am a CONSERVATIVE, not libertarian. Free flow of labor will not work for 2 reasons: 1. There is a welfare state in this country. A HUGE!!! percentage of white Americans believe in the welfare state and are corrupted by it; the percentage of non-white Americans who love it is simply staggering. 2. The US is a magnet for people who’ve not the slightest clue about the Western mind, people who would destroy the West by their very presence. My problem with a free flow of labor is purely societal and cultural, not economic.


39 posted on 12/21/2011 8:00:59 PM PST by Doctor 2Brains (If the government were Paris Hilton, it could not score a free drink in a bar full of lonely sailors)
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To: Captain7seas

What has any of that got to do with free trade?


40 posted on 12/21/2011 8:01:37 PM PST by Doctor 2Brains (If the government were Paris Hilton, it could not score a free drink in a bar full of lonely sailors)
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To: Democrat_media

You can scarecly string 3 words together, so it’s rough dealing with you, but again, I am not in favor of illegals the way you are in favor of giving Obama dictatorial power, and stop changing the subject.


41 posted on 12/21/2011 8:03:08 PM PST by Doctor 2Brains (If the government were Paris Hilton, it could not score a free drink in a bar full of lonely sailors)
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To: Democrat_media

“China is committing economic war and terrorism against the U.S.. China is deindustrializing the U.S. more effectively than a massive bombing campaign against the U.S. factories , leaving hunks of rotting , decaying metal were there were once U.S. factories, and sections of cities ( think Detroit)”.

China is just taking advantage of the effects of almost two decades of Agenda 21 being implemented.

Maurice Strong, UN high official & Chair of the ‘92 Earth Summit is quoted saying that “...isn’t it our responsibility to bring about the collapse of the industralised countries?”
That is the aim of the Koyoto deal he was part of.
NAFTA had a published goal (Preamble) of promoting Sustainable Development (Agenda 21). De-industralise the country.
John Holdren, obama’s “Science Czar” has stated that we must “de-develop” the country.

Its really the economic attack that Agenda 21 represents that is the cause of our economic decline. Just as it was planned to do.


42 posted on 12/21/2011 8:10:20 PM PST by Captain7seas (FIRE JANE LUBCHENCO FROM NOAA)
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To: SeekAndFind

Williams has a way of cutting to the chase, if not the quick on economics.


43 posted on 12/21/2011 8:22:41 PM PST by Figment
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To: Doctor 2Brains

Post something that shows they’re wrong


44 posted on 12/21/2011 8:28:27 PM PST by Figment
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To: Figment

Gotta wonder how many of those posting comments read past the headline.


45 posted on 12/21/2011 8:29:33 PM PST by JayVee (Joseph)
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To: Rightwing Conspiratr1

what kind of work do you do? painter?


46 posted on 12/21/2011 8:30:03 PM PST by Figment
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To: mamelukesabre

go to walmart and look at the labels.

go learn some economics. That label doesn’t tell anything but where it was assembled. Do you know where the basic components were made? Likely not. They were produced through oil on the Gulf Coast of America. The USA is still the largest producing country on the face of the Earth


47 posted on 12/21/2011 8:39:35 PM PST by Figment
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To: Democrat_media

And how is keeping prices high to consumers good to anyone but overpaid union workers?


48 posted on 12/21/2011 8:44:16 PM PST by Figment
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To: Democrat_media

China is fighting a losing battle and they know it


49 posted on 12/21/2011 8:46:03 PM PST by Figment
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To: SeekAndFind

China is well on its way to major implosion.

All these people in total fear of China taking over this and that are blind to basic reality.

Central planning never works. It won’t work for China. Its had its run and the end is near.

And regarding jobs, we’ve been destroying our own jobs through hostility to business for decades. Heavy taxes and heavy regulation do not spur jobs. It displaces jobs to where those barriers are lower.

There’s a basic law of nature, you reward something you get more of it, you penalize something you get less of it.


50 posted on 12/21/2011 8:49:28 PM PST by DB
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