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do you ever wonder that, there are all these high paying jobs but nothing is ever produced here
All the management is done in the U.S. American businesses get their products made in other countries more cheaply and in return, sell it back to us. Then they make even more money selling knock offs of their own crap.
All the management is done in the U.S. American businesses get their products made in other countries more cheaply and in return, sell it back to us. Then they make even more money selling knock offs of their own crap.
so our economy is reliant on cheap products made overseas?
There is a difference between making money and creating wealth. Money can be made shuffling stuff from buyer to buyer and financing the deals. Increasing order creates wealth. That is by growing edible food, mining materials from the ground and manufacturing things from the materials mined using workers fed by the farmers. These create wealth. We have pretty much given up on the manufacturing part of the triangle. Without creating wealth we are pretty much doomed.
do you ever wonder that, there are all these high paying jobs but nothing is ever produced here
GregW pretty much hit it, the economy is about much more than production. The U.S. has a wealth of raw materials, agricultural capability, and distribution capability, and techonological capability. And we have alot of internal (and external to the U.S.) consumers who use part or all of these capabilities.
Even if China makes a TV for a US company the raw materials may come from the U.S., the design of the TV may come from US techs, the storage of the TV is in a US warehouse, shipping uses a US carrier, salesman are in the US, and management of the distribution of all these steps is in the US. All the steps create wealth.
Of course it is and always has been. It is consumer spending that is driving china and india these days.But then the consumer has to sale his talent to the other consumers. If they don't want what he produces then he goes broke.There has always been a global economy it is just that the west was the manufacturer and the rest of the world were consumers. But most of the goods they could afford were equipment purchased by government and food.Now they are the emerging markets for things like cars ;refigerators etc. The problem is that in the USA consumers are spending waht they can't afford and broughing from the other consumers who save rather than buy that new replacement for something that works.
do you ever wonder that, there are all these high paying jobs but nothing is ever produced here
It just prints it up down at the Mint, and backs it by fiat.
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