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The manufacturing jobs went bye-bye a long time ago and I don't see them coming back. It's cheaper to pay a worker slave wages in India so . . .companies outsource all they can.
They see no reason to come back as long as their shareholders profit so . . . .
I guess one day when there is no one left in America to BUY the goods and services offered by the 'job creators' ~ then we will figure out that we've hit the rock bottom.
It's not just manufacturing jobs going to India; it's also any kind of computer work that can be done remotely. So any American workers - they still have jobs - are forced to take deep pay cuts to compete with Indian workers. It's depressing.
It's not just manufacturing jobs going to India; it's also any kind of computer work that can be done remotely. So any American workers - they still have jobs - are forced to take deep pay cuts to compete with Indian workers. It's depressing.
The "business world" is solely responsible for the erosion of the middle class as they put profit ahead of all else. Part of sustaining your business is ensuring that people can actually afford what you're selling. Shipping labor overseas while trying to maintain or increase profit in the market where you've stripped out most of your own capital input is even less than a zero sum game. Eventually, the capital of your market will dry up if you don't re-invest. You are seeing this happen first hand.
A real life parable from the 1950's:
CIO President Walter Reuther was being shown through the Ford Motor plant in Cleveland recently.
A company official proudly pointed to some new automatically controlled machines and asked Reuther: “How are you going to collect union dues from these guys?â€
Reuther replied: “How are you going to get them to buy Fords?â€
If you don't pay your workers, how do you expect them to buy your products?
Wasn't Reuther caught stealing money from the UAW ranks to pay for the extravagant executive retreat in northern Michigan?
The dollar fearmongering is ridiculous. Inflation has been minimal for decades and treasuries remain the safest investment in the world.
Exactly. Whenever global economic turmoil strikes, investors run back to Mama (US Treasuries). If the Chinese sell their dollar-denominated investments, what will they buy instead? Greek bonds? Spanish real estate? It's a consummately interconnected world, with American finance squarely at the center. China and the US trade barbs for purposes of propaganda, and placating their domestic audiences. But in reality China and the US are the strongest alliance of modern times; the relationship is too symbiotic to be anything else.
A bigger problem is deflation, not inflation. Those who remain convinced that the American consumer matters, ought to be worrying about demand-destruction and deleveraging, which result in... deflation.
It's not just manufacturing jobs going to India; it's also any kind of computer work that can be done remotely. So any American workers - they still have jobs - are forced to take deep pay cuts to compete with Indian workers. It's depressing.
Exactly!
Here in the Bay area we see our tax dollars being spent on ridiculous city retirement plans which cannot be sustained. Our jobs are sent to asia while the best paying jobs here are handed out to foreigners who hold Americans in contempt - just look at what they did to the ACA software! One of the local public broadcasting stations was bought by foreigners and their new programming does not reflect American culture. Other foreigners are buying up the property driving up prices for U.S. citizens, making homeownership out of reach for the average worker. You can't just dump those choices on familes as they aren't the ones who are participating in the decision to hand our country, jobs, and culture over to the highest bidder.
The dollar fearmongering is ridiculous. Inflation has been minimal for decades and treasuries remain the
safest investment in the world.
in terms of dollar vs. other currencies, indeed, they are lost in the woods. the dollar is a safe haven.
but in terms of all fiat currencies' diminishing value over time -- the conflicting roles of "store of value" vs. "medium of exchange" -- they may have a point. there may be unintended consequences of a global banking system with a "no reserve" fiat currency at the center.
Yes, the middle class "consumer" is eroding, and the professional/managerial class is thriving. Now that we understand this, there should be more incentive to start a business, pursue certain professions, sell overseas, take advantage of cheaper asset prices, conserve what we have.
Businesses are cost streamlined and they have plenty of overseas customers, as well as customers in the upper incomes. Only certain industries are dependent on the middle class (e.g. middle retailers like Sears) and they are hurting. The business world will adapt to the new customers.
Gone are the days of paper-pushing employees who can major in whatever they want, at any college, and buy things on credit that are beyond their earning abilities. People need to think and strategize about their future. They need to sharpen their skills. It is a meritocracy where the street smart and educated (particularly technically) succeed. There are still many who are self-made.
Those who are creative, adaptable, hardworking, self-starting and need less direction from the "authorities" will do better. This can be good for U.S. innovation and work ethic, and the ability to conserve. Unfortunately, our educational models have not quite caught up with this new world order, so parents need to bridge the gap and many are not up to this.
Gone are the days of paper-pushing employees who can major in whatever they want, at any college, and buy things on credit that are beyond their earning abilities. People need to think and strategize about their future. They need to sharpen their skills. It is a meritocracy where the street smart and educated (particularly technically) succeed. There are still many who are self-made.
America is the land of paper pushers.
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