What "we"? Are you talking about American workers who are to lower their wage expectations and standard of living to match the Third World levels?
Only those lacking creativity think that competition with the Third World equates to lower wages for American workers.
Competition creates innovations that protect worker salaries and lower product costs at the same time.
Frankly, the only "we" he could be referring to is everyone here...
Eroding the income of workers in the US will serve to erode the income of everyone ELSE in the US--their doctors, dentists, butchers, clothiers, on and on...
Only Gummint workers and utility employees will be able to demand and get (at least temporarily) wage stability or inflation.
But that won't last forever, either.
So do not ask for whom the bell tolls.../It tolls for Thee.
"What "we"? Are you talking about American workers who are to lower their wage expectations and standard of living to match the Third World levels?"
It's called capitalism. If you are going to compete, yes, you need to lower your wage expectations to their level. If they can do the same job as workers here for less money, it is the duty of the corporation to to keep the cost low and turn a profit. Lest we forget, the only reason for a corporation is to do just that, turn a profit.