According to a
report on CBS news last night,
The Chinese are learning to love WalMart....and there are benefits for Americans who have more because Chinese goods cost less. [Kenneth Lieberthal says that] people with more modest incomes buy what they want at WalMart and buy more of it.
The report continues,
China makes goods for less because Chinese labor costs less.
After noting that
Chinese workers make 64¢ cents an hour while Americans make over $21, he points out,
...Many Americans are afraid that China's growth will cost more American jobs, but the experts say those low-paying jobs are gone forever. If China doesn't do them, the work will not shift back to the United States; it will go to other low-wage countries across Asia.
The report goes on to state that China is increasingly importing plenty of American goods. I didn't watch much of CBS news during the election, but I wonder if they broadcast such a report then. Anyway, even if they didn't want to shine a light on Kerry's nonsense over outsourcing, it's better late than never.
No comments:
Post a Comment