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Politics : View from the Center and Left

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To: Steve Lokness who wrote (172137)	9/16/2011 4:43:06 PM
From: Mary Cluney	Read Replies (2) of 542152

<<<Until we figure out a way to keep jobs here and stop stimulating in a way that benefits China more than us - we have failed.>>> The rise of China is inevitable. It has nothing to do with us. They have almost as many people in the middle class as we do but they also have three times that many people living on a few dollars a day. It is inevitable that China's economy will transform from low level manufacturing. They understand better than we do that is not the way to prosperity. An Apple product that sells for $200 gets at most $40 in parts and labor. Apple is the most successful company in the world because they understand this. They get $160 for marketing, sales, distribution, money for R&D, and profits. That is why China is investing heavily in education. They want their companies to become more like Apple. IMO that is not likely to happen soon. By soon, I mean in the next 100 years or so. But who can predict what happens after 100 years. Instead of fighting with China for cheap jobs in manufacturing, we sell them Starbucks Coffee, KFC, Caterpillar, Boeing, and advanced products. Germany is doing well in China. We should view this as a once in a lifetime opportunity. In a few short years Coca Cola in China will be bigger and more profitable than Coca Cola in the United States. But getting back to Keynsian economics. We will always disagree. Keynsian economics is not failing. It is in the execution. You go into debt because you spend more than you take in. You waste trillions of dollars on wars that you don' t have to fight. You take in less when people are laid off and lose their job. It has a ripple effect. People have less money to spend for necessities. Stores close. People lose jobs. Meanwhile the top one percent of people in our society has greater income and assets than 90 percent of our total population. They pay almost nothing in payroll taxes. Their tax rate is lower than everyone who works for a living.

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