||ultimately Wal-Mart is shipping U.S. dollars overseas and those dollars do not return to the U.S.||
Yes they do. It's called the capital account (the counter part to the current account). Woo-mart in Beijing doesn't take US dollars. It takes Yuan. If you're in China with a pile of US dollars and want to buy a house in China, you don't do it in US dollars. You do it in Yuan. So you need to give it to someone who has a lot of Yuan and wants US dollars (to spend in the USA). You could also take those US dollars and buy Americans stocks, a block of condos in New York, send your kid to Harvard, etc.
So I mean it might suck if you're making coffee makers in the USA but if you're selling Microsoft stock at a profit to a chinese investor or you're selling your condo at a profit to a chinese guy setting up his kid at Stanford, well, so what?
|propagating the decline of the U.S. manufacturing base. ||
Also the American manufacturing base is not in decline. America is the single largest manufacturer in the world. America has lost a lot of jobs in manufacturing but then the dairy industry lost a lot of jobs in terms of milk maids. The farming industry lost a lot of jobs in terms of field hands. If someone told you in 1903 "well today agriculture employs 40% of Americans but at the end of the century it will employ 2%" you might think that was a dark, dark future. However 2% today can produce a huge excess of food 40% of the population couldn't. All thanks to massive productivity gains.
So American factories are far more productive (in terms of the past and in terms of chinese factories) and can produce more today than ever before. They can do it with far fewer jobs. Productivity in an economy is not a bad thing. It's the best thing in the world if you can produce more with less. Why ever would you want to get in the way of that?
Yes we don't make as many cars as we used to and the cars we make require less people. The media tells you about the 10,000 jobs lost in the Michigan auto industry but then they rarely report the 100 jobs gained at a plant making drugs and 50 jobs gained at a factory making specialty foods and 25 jobs at a precision equipment firm and so on.
It might suck a 50 year old is subject to the creative destruction that runs a modern economy but then that 50 year old has also massively benefited from the productivity gains. He's not had to toil in the fields for his supper, for example. His kids won't have to work in a factory.
I grew up in an automotive town. My parents generation, people prepared themselves in high school for a job at GM they knew was waiting for them. My generation, I knew that job would not be waiting for me so I prepared myself for the high tech field. I believe my work day is a lot more enjoyable than what my work day would have been at GM. That's what each generation does. Each generation prepares itself for the jobs waiting for them, not the jobs that waited for their parents. Some people are unfortunate enough to be on a cusp where the economic landscape changes. But hey reality.
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