The Jobless Recovery

Economic Policy Institute ^ | January 24, 2002 | Jared Bernstein

[staytrue]

It means american manufacturing had no competitors. It meant we could pay high wages because we had a defacto monopoly on manufacturing. Monopolies can do that. Fact is Japan in a lot of areas can pay higher wages than we do and still make better stuff. Post WWII, they could not do that because their country had been destroyed.

[Red Jones]

Well, I will admit that you have a point. But the stats show that both exports and imports were a much smaller percentage of our economy back then than today. My main point is that there's no excuse for backward movement. I will admit that the 1950's were a special time partly for the reasons you mentioned. Also partly because we had relatively little immigration from 1925 to 1965.

[ARCADIA]

Externalities are a funny thing. You buy a Japanese VCR because it cost $100 less then the US version would go for. But that means that someone will get laid off, or have less of an opportunity, in the US. So our taxes go up to fund additional public programs. You end up giving the $100 back many times over.

I remember when Detroit starting losing auto factories. A plant would shut down and a number of the employees would end up in prison. Sure enough other employees found new work as prison guards. Either way, prisoners or guards, the money comes out of our pockets. How much did you really save on that Honda?

[RLK]

Who in hell filled your head with such ludicrous crap? Woe be unto this country that there are you and people like you.

[Mortimer Snavely]

"Fact is Japan in a lot of areas can pay higher wages than we do and still make better stuff."

Fact is in Japan you've got to work three times as long to spend twice as much for stuff that's only half as good as anywhere else. Fact is prices are insanely high in Japan so's that the people subsidize export drives which undercut any chosen foreign industry. Fact is that the good stuff is exported, and the people are stuck with pretty lousy goods for domestic consumption until the chosen foreign market has been taken over by Japanese companies. Fact is that people over there have virtually no choice when it comes to changing employers, spending their money based on value and choice, investing their money, or even getting their money out the banks. Fact is I lived there for ten years, and it's a pretty dreary, crummy, and uncomfortable way to organize a society.

[staytrue]

Who in hell filled your head with such ludicrous crap? Woe be unto this country that there are you and people like you.

Are you sure you are not a democrat ? You sure argue like one. Because you can't refute my arguments, you call me names and slander my character. How typical for a democrat.

[RLK]

Your arguments have been addressed and refuted here 100 times. We have no further business.

[Mulder]

This country is being destroyed

From within. It's been going on for decades, but has picked up steam over the last 30 years, accelerating lately.

Here's how it happened, and yes, it was planned:

1) Destroy the American education system by no longer teaching math, science, history, or critical thinking skills.

2) Destroy concept of rugged individualism by drugging male schoolchildren, and making life difficult for the self-employed (taxes, regulations, etc....)

3) Transfer wealth from the United States to other countries. This is done through direct foreign aid, the World Bank, and loan guarantees.

4) Transfer jobs from America to the third world. Start with manufacturing, and advance to R&D later.

5) Expand debt on all levels, empowering bankers and politicians.

6) Allow uneducated barbarians to immigrate to this country. Get them to vote and become an additional drain on our resources.

America will be over within a decade unless our disasterous course is promply reversed.