Compared to Western Europe and Japan? There is no doubt that our workers and those in the developed world are paid more than in the Third World. Our workers are also more productive. The US is not that dependent upon exports.
The bottom line is that the U.S. "salaried" work force will need to take a pay cut of up to FORTY percent to be economical competitive with the Low Cost Centers.
Nonsense. We don't have to have a race to the bottom. There are a number of factors that contribute to competitiveness in the global economy. Productivity, cheap energy, educated workforce, tax and regulatory policies, protection of property rights, stable and non-corrupt governments, etc.
The fact is, the US has not been playing on an even playing field. Our trade policies have resulted in the offshoring of our companies and good paying jobs. The theft of intellectual property from our innovative industries. Foreign governments subsidizing their products and dumping them on the US market, e.g., steel and aluminum. Foreign countries closing their markets to US products using high tariffs while we don't reciprocate. I don't buy your globalist/libertarian views.
I agree with some of your points.
cheap energy - Yes, since energy / oil is major cost for all things manufactured cheap oil/electricity (via gas power turbines) is a Plus for U.S.
Productivity, - I am aware of two industries, - EPC - constructions and Software development where local corporate MANAGEMENT is a cause of limited to no productivity improvements
tax and regulatory policies - We are overtaxed in a number of ways. Personal property (Real estate) is taxed too much by local elected scum. On national level corporations are taxed way too much as well as the double taxation of Dividends at the personal level. Trump has STARTED to address the Regulatory issues. But until a number of Federal dept. are eliminated - Dep. Education. EEOC, the list is long - we will not be getting anywhere
protection of property rights - so here we have TWO egregious examples of Pirates on the Courts steeling our rights. Chief Pirate Roberts - Obamacare is a TAX - who cares about the 10th amendment, or the commerce clause. And of course the idiot from New Hampshire who ruled that Eminent domain can be ignored (Kelo)
stable and non-corrupt governments - I like this one best, but let us look at who turns up to vote in the Primaries and general elections - these people are not you and I IF they do show up and vote