>>By encouraging the export of high-paying jobs and the import of poor people, policy-makers have eroded long-term growth in U.S. per capita incomes
>These policies have also caused inflation to be lower than it would otherwise be and low inflation is important in preserving the purchasing power of per capita income.
So we go to Wal Mart to buy inferior ersatz goods. Not exactly a good deal. Inflation is not only an increase in prices but a cheapness in goods. We have inflation.
I have been buying at the Marts, Wal and K, for years and have had no indication or experience with inferior goods. I am much happier buying a shirt for $9 at K-Mart than I am paying $45 for a shirt a some fancy Dept. store. That leaves me with $36 of discretionary income that I can spend on other items that I might desire.