[hellbender]

I think that's a gross oversimplification. Americans simply cannot work as cheaply as Mexicans, let alone Chinese. I agree with Henry Ford's statement that wealth is created only by manufacturing/building things, growing things on the soil, or digging things out of the earth. Lawyers, psychologists, surplus academics who teach "social science" and "political science," and Wall St. speculators do not create wealth.

What happened to Detroit is now happening to the whole country: lavish retirement plans and health coverage for the retired (entitlements like SS and Medicare) are sapping economic growth.

[driftdiver]

Its not just the labor costs. Regulation accounts for more than the labor costs.

The Chinese standard of living is growing and manufacturing is starting to move elsewhere. All except for the slave labor camps.

[mo]

“Lawyers, psychologists, surplus academics who teach “social science” and “political science,” and Wall St. speculators do not create wealth....”

The Parasitic Class..