You really need to read this.

Monday, February 14, 2011

Unknown said...: Great article! The "jobs going overseas" argument is one that very few of the people I run into on a day to day basis seem to understand. Unemployment will never be a result of overseas competition in manufacturing or any other industry. Unemployment is primarily the result of credit bubbles, regulation, taxation, and other coercive governmental burdens - not Chinese people working for less money.

I personally believe we can produce much more than we are, and that devaluing our dollar has greatly reduced our country's total consumer benefit because of its impact on private savings and investment. Because of the way technology evolves, it should be completely impossible for any country to EVER catch us in terms of production, but if we continue down the path we are on today they eventually will.

Competition and the creative destruction of new industries driving out the old is natural and perfectly desirable no matter how much it upsets the unions and politicians.; February 15, 2011 at 3:55 PM

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