Translation: We are losing so many jobs and so many are having to work part time that we don’t have the money to buy stuff from overseas anymore. The rest of the world is doing better, thanks to the jobs we sent them, and are buying more of our crap.
Only when financial analysts have to flip burgers to make ends meet will we hear a different tune.
We did not send jobs to them. They created jobs with better business friendly policies. Hong Kong, Singapore, Australia & New Zealand have much more business friendly policies. I was in Singapore 2 weeks ago and they have to import foreign workers on 2 year work-permits because there are more jobs than people. Their max tax rate is 20% and there is no unemployment compensation for the unemployed. There are no food stamps or any other checks going out to people of working age. Result is they have essentially no unemployment.
China has encouraged people to get rich. There are one million new millionaires in China compared to just a few decades ago.
Very appropriate 2nd post imo.
Some of this is also our domestic oil boom.