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I think the Chinese would beg to differ. US companies are outsourcing thousands of American jobs to countries where labour costs are much lower.
And then there's the trillion dollar pus debt that the US owe China.
China already owns a huge part of the American debt -- the U.S. economy is just a marionnette and China is the puppeteer. China can shut down the country in one week if it wants to.
Although for a while they wouldn't just yet cuz the American consumer is still their bread and butter (or as they say in China their "iron rice bowl")...
USA will always be superpower. No one can compete with us.
Wasn't that what the Romans said?
So I guess ten years equals eternity nowadays huh? With the way we are bankrupting ourselves, I doubt we will be no. 1 even when today's kids graduate college, let alone for eternity!
elnina, what a great and informative chart and post. i had been wondering about the debt and you really delivered some answers here.
the debt to china is only part of how we are somehow interacting to our own peril with china.
the other half of the equation is HOW MUCH CONSUMER and other GOODS WE ALL BUY FROM CHINA. This in itself is probably a large part of china's economic growth and benefit lately. There are nothing but china-made stock in many US stores. Housewares, etc. Things that all americans buy every day.
So one huge way we should be influencing our own competitiveness with china, is by enacting small tariffs on every item imported from china whether it be ordered online or bought in a store. if ALL were taxed at a very low rate, then we would have a large pool of deficit reduction revenues and also we might start buying more of our own goods made in the usa....
also, i have noticed that the quality of goods made in china is often subpar. things seem to break very quickly, or somehow malfunction/ end its useful life too soon. This makes us have to go out and buy another replacement item, wasting our money and enriching someone (probably another chinese maker) . so if the US also would uphold higher standards of construction of imported goods, fine and penalize these makers of crap goods, when the poor quality is reported to consumer protection agencies.... well, it would help us and prevent so much flooding of our markets with cut rate crap. at the same time NOT enriching china quite so much.
i can see those chinese laughing at how easy it is to sell us their cheap junk...while we hand them a large part of our paychecks. in buying online, especially ebay, i have time and again (in fact usually) encountered false advertising of goods by chinese sellers in particular, so it gives me a clue about their ethics in general. One of the biggies is that the metals claimed to be in the product aren't what they are labeled as- in fact testing shows they have lead, cadmium, etc or do NOT contain the precious metals advertised to be in them....etc. We need to police imports much better and it should cost the chinese (or any) exporters something when they are caught.
buy american.
Last edited by 2bpurrfect; 09-09-2011 at 03:01 PM..
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