RE: And what about labor costs? We can’t compete against the Third World. And there are some regulations that won’t be changed, e.g., child labor, minimum wage, environmental laws, etc.
Let me try to understand your policy.
America should create laws that:
1) Outlaw companies that do businesses in the Third world where their labor laws don’t meet our standards
2) TAX products that come to the United States by the same percent our goods are being taxed when we export to these countries.
That will bring jobs back to the USA and increase hiring for our college grads?
I wasn't giving you policy, but just facts about why it is very difficult for us to compete with the Third World in terms of labor. We have other advantages that could help offset the lower labor costs, but make no mistake about it. Labor costs do matter.
America should create laws that:
1) Outlaw companies that do businesses in the Third world where their labor laws don’t meet our standards
2) TAX products that come to the United States by the same percent our goods are being taxed when we export to these countries.
I didn't provide any such policy recommendations. You are creating phony strawmen. The reality is that we do have to do business in countries that lack similar labor laws, worker protections, disability laws, health care, unions, etc. It puts us at a disadvantage. It is one reason why US firms relocate overseas. It is a given.
We have reciprocal international agreements such as GATT and the WTO that govern tariffs and taxation. In addition we negotiate bilateral trade agreements that specify terms and conditions, e.g. NAFTA. Our problem has been that our government is not tough enough when it comes to holding these other countries accountable when they violate international and bilateral agreements, For example, we have done very little to address Chinese currency manipulations or EU protectionist policies on their agricultural products.
That will bring jobs back to the USA and increase hiring for our college grads?
There are regulatory and tax changes that can be made to make the US more business friendly. We can also develop our energy resources further. Cheap energy is the lifeblood of any economy. We also have decided advantages in infrastructure, political stability, and property protection laws.
And we would have more jobs for our college grads if we stopped importing so many foreign workers to take their jobs and depress wages.