Funny how American manufacturing declined while China’s increased. Do you think there is a connection?
Well, the San Francisco Fed has found that “the total share of ‘made in China’ goods in U.S. household consumption is just 1.9 percent” — far too small to have any major impact on the U.S. economy or American jobs.
In short, there’s simply no economic way that goods and services from China, Japan, Mexico or any other country are major contributors to the overall American economy. And the same goes for exports and investment.
Although some American workers in trade-sensitive manufacturing industries are undoubtedly affected by import competition, they represent a tiny fraction of the overall U.S. workforce.