The New Bush Economy

Discussion in 'Current Events' started by Itsthetruth, Mar 10, 2005.

  1. Itsthetruth
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    CounterPunch
    March 10, 2005

    Turning Chinese
    So Much for the New Bush Economy
    By PAUL CRAIG ROBERTS

    Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He was Associate Editor of the Wall Street Journal editorial page and Contributing Editor of National Review

    How bad will things have to get before economists realize that outsourced jobs are not being replaced? Indeed, many American companies are ceasing to have any presence in the US except for a sales force.

    Cisco's CEO, John Chambers, declared recently: "What we're trying to do is outline an entire strategy of becoming a Chinese company." Cisco is establishing a new R&D center in Shanghai. The US corporation manufactures $5 billion of products in China where it employes 10,000 people.

    That is just one company, and there are many doing the same thing. The result is abandonment of the American work force by American corporations. Little wonder the Bush administration is the first administration in 70 years to have a net loss of private sector jobs.

    If one US company or a few move offshore, their profits improve and consumer prices are lower. However, when work in general moves offshore, American lose the incomes associated with the production of the goods they consume. Domestic production is turned into imports, with the result that America draws down its accumulated wealth in order to pay for the imports on which it is dependent.

    The dollar's value and status as reserve currency cannot forever stand the trade and budget deficits that are now part and parcel of America's economic policy. Unless there are major changes soon, America's economic future is a third world work force with a banana democracy's worthless currency.

    http://www.counterpunch.org/roberts03102005.html
     
  2. OCA
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    OCA Senior Member

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    See there, you follow orders like a good little soldier.

    Here is an attaboy from me, now go fix me a drink.
     
  3. Itsthetruth
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    Do you drink milk or tea? :)
     
  4. OCA
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    Wow creative, you flame about as good as you debate which is to say poorly. I'm like Oscar De La Hoya, I ain't gonna fight a non contender. Now go hit the bag and come back when you're ready to give me a fight.
     

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