Sam, you're saying that we're rich; they're poor; if they get richer, we get richer; if they get poorer, we get poorer. I don't buy that. I believe if they get richer, we sell more to them, we get richer. Conversely, if they get poorer, we exploit them more, and we get richer. There will always be places in the world where a cheaper widget can be made. America has outgrown competing on commodities. We have to compete on productivity, on growth. Think of the union worker at an auto plant, pulling down a 90K wage and benefits package. Wouldn't the country be better served if this worker was programming software or creating web pages instead? Or if the worker lacked that kind of skill set, how about laying down the fiber optic cable to my house? Sure, it's easy to sell a Lexus when everybody's rich. But if everybody's not rich, you'll have to make your living designer a better car at a cheaper price. This is productivity growth and is the bedrock of a modern economy.
p.s. Show me those 5 billion suits. I'd like to buy a couple or ten. |
