Quote:
Originally Posted by Lenny2
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.
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Not got stats handy, but agree - there is that aspect.
Tho another angle in that consumption is stupid high in relation to population with only 5% of the worlds population, but consuming at a rate of 25%. This is fine for developing nations where industries are being created, but a heavy financial burden trying to get a balanced fiscal policy in the US.
Tho.. the US is not alone in this - it's not uncommon in several "western" countries - the "economic powerhouse" has just shifted eastwards.