It's not the cheap labor abroad, it's the unions in America. The ultimate fate of any unionized industry is to be driven out of business by their non-unionized competitors.
True, except in one important case: government. Free market economies can adjust to demand/output, while governments just continue to grow. The long-term public sector pension/healthcare benefits present a real danger.
Yeah well please remember unions exist because of past injustices towards workers by business owners...I am married to a GM employee (management), we have seen the unions give concessions and then GM goes and cuts plants and employees anyway. The only reason the so called global economy is being sold to Americans is because of the union bashing that goes with it-divide and conquer.
"And with Chinese auto assembly workers earning $2 an hour -- vs. $22 in Korea and nearly $60 in the U.S. "
--Hell, I don't even make 60$ an hour, i'd have to sell my body to make 60$ per hour, no one assembling cars should make that much!!
Most union members in the U.S. run the Federal government. Do your homework.