You are absolutely correct. One principle of free trade (NAFTA, etc) is that production will readjust globally, to the benefit of all.
Labor-intensive industries would leave the USA, headed for cheaper-labor regions. High-tech industries would stay in the USA, and expand to fill the void left by the older industries.
Well, the first part of that all came true. The older industries (clothing production, funiture making, etc.) are mostly all gone now.
But nothing filled that void. In fact, it's quite the opposite. We are now seeing high-tech industries leaving the USA as well.
As just one example, General Electric recently announced that it's moving its 115-year-old X-ray business from Wisconsin to China.
“You are absolutely correct. One principle of free trade (NAFTA, etc) is that production will readjust globally, to the benefit of all.”
And some of us thought that not fighting to keep labor intensive jobs was a bad idea. Not everyone is suited for tech jobs. Not to mention manufacturing generally leads us out of recession. There is also the national security issue of not making basic items.
It appears we “protectionists” weren’t as crazy as the free traders tried to tell us we were.
Economic Freedom & Quality of Life.How can it be that economic liberty leads to lower poverty rates, higher incomes, and higher standards of living?