Tuesday, January 11, 2005

When will we learn?

Report: U.S. lost 1.5M jobs to China from 1989-2003 - Jan. 11, 2005:

"The United States lost nearly 1.5 million jobs between 1989 and 2003 because of increased trade with China, according to a report released Tuesday by a government watchdog committee.

The study estimates that imports from China displaced 1.659 million jobs between 1989 and 2003, while exports to that country generated only 199,000 additional U.S. jobs.

'The assumptions we built our trade relationship with China on have proved to be a house of cards,' Scott said in a statement. 'Everyone knew we would lose jobs in labor-intensive industries like textiles and apparel, but we thought we could hold our own in the capital-intensive, high-tech arena.'

The report puts a large portion of the blame for the growing U.S. trade deficit with China on that country's 'refusal to revalue its exchange rate.'"

War in Iraq...War on "Terror"...Social Security Privatization...When will we open our eyes to what's really important.

I watched "Biography" on Sam Walton and rise of Wal-Mart. Sears and K-Mart never saw him coming, until it was too late. It's eerily familiar.


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