Union: China Violating Trade Rules In Clean Energy
Zhuubaajie: You are quite mistaken. As a specific example, Japanese semiconductor manufacturers dumped (sold below cost) memory chips in the US until the American computer memory industry failed. Now we cannot make electronics, including military electronics, without importing memory from Asia. The idea that the market determines the price is only valid when there is fair competition, which does not apply to China. Not just the fabrication, but the design of processors already has one foot out the door. Won’t that be fun when we become nothing more than salesmen in the entire electronics industry.
Nor does your alleged “golden age” hold water. Cheap imports coupled with mega-mergers and job exporting drove a period of stagnant wages that deflated the purchasing power of Main Street and created vulnerability to teaser-rate mortgages and liar loans. It drove home equity loans and high credit card debt that culminated in a national saving rate below $0 in 2006 and economic collapse starting in 2007.
Upward economic mobility has remained below 4% since 1980. Private sector job creation under Bush43 was the worst on record.
The exodus of wealth in the form of massive trade deficits have done more to weaken our economy than even budget deficits. We are well on the way to becoming a third-world economy.
The economic model of a national economy is fundamentally broken. American workers and American corporations do not function in the same economy. That has to be fixed before we can prosper again.
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