And I'll repeat. It's the wage differential, not the regulations. You can eliminate all of the regulations and we still can't compete with Chinese labor rates.
We shouldn't let foreign countries dictate what our wages are or what our regulations should be. It's our market and we don't need them.
Our founding fathers warned us against entanglements with foreign countries. When imports are equivalent to 16% of our GNP, that's an entanglement.
Our founding fathers thought tariffs on imported goods was an "external" taxation that maximized the freedom of U.S. citizens by avoiding direct taxation of our citizens.
We should raise the Import tariffs and drop the individual income tax by a corresponding amount. A 10% import tariff would allow a $1500 per worker tax decrease in individual income taxes.
Not only would we have industry returning to America due to the tariff, but we would have more Americans keeping more of their money to spend as they please.
Uh uh. We’ll all just pay more for everything.