Quote:
Originally Posted by Webby
edgeprod already hit on this - Walmart are one of the main core reasons for other economic problems with the US overall. The rate they ship in foreign product from other countries (mainly China) knocks the hell out of trade balances.
Product may be cheap for customers, but it's not cheap for USA Inc - the real cost is being paid at another level in loss of manufacturing base within the US and also in trade deficits.
|
That's populist and not entirely accurate.
We have an unemployment rate in the U.S. of less than 5%. We don't have enough people in this country to manufacture all of the goods that we consume.
If the manufacturing jobs hadn't gone overseas then we wouldn't have had the human capital to fuel the information economy. If call centers etc aren't sent overseas now we won't have the human capital to create the next big economic wave.
It's what's known as creative destruction, and it's necessary for economic growth.