The manufacturing cuts will occur. My husband works for GM. GM is building a factory in India and expanding the one in China. Ford will lay off American workers soon. Who knows where they will manufacture...it won't be in the US.
It is really very simple, who in there right mind would pay high US labor rates when they can pay low Chinesse/Indian/whatever labor rates? Who in there right mind would buy high priced American goods when they can buy cheap Chinesse/India/whatever goods? This is really all Paul Roberts is saying and he is entirely correct.