Quote:
Originally Posted by Minte
I am aware of all the talking points and cheerleading about how it should be.
However, it would've been a lot easier if our federal government had stepped in and taxed the hell out of imports. The Chinese government still pays their manufacturers 7 cents on each dollars worth of goods they export to the US. The government still subsidizes raw materials and energy costs as well.
As long as the playing field remains lopsided, American consumers will continue to buy from the lowest offerings. I don't blame consumers. But it's fairly clear why the economy spiraled downhill the way is has,
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Using low cost manufacturers as a scapegoat for current problems is very shortsighted, and simplistic. You strike me as neither.
The global economy is in the shit because of decades of unsustainable rising consumer and government debt propped up by over inflated asset values and unregulated banking practices. This debt covered up the underlying weakness of the European and US economies. We just borrowed more to fund our lifestyles based on inflated assets.
In 2008 the pack of cards came tumbling down when a small ripple turned into a tidal wave. Asset values were slashed causing debt became to toxic, and the banks were broken. It took some very smart and decisive action to avert a financial catastrophe. Most people don't realize how close the end of our way of life actually was, and most people have no idea who averted the disaster or how it was done.
I laugh now when I see China (or Obama) being blamed for the state of the US economy.
