3 ms·
> I don't think that the cheaper goods that China gave the world only benefited the %1 I look at this from the perspective of the rust-belt. It doesn't really
by ng12 7y ago
> I don't think that the cheaper goods that China gave the world only benefited the %1
I look at this from the perspective of the rust-belt. It doesn't really help that you can buy a Chinese-made couch for only $500 if you've long since lost your job at the furniture factory.
- mc32 7y agoExactly. People keep on saying people can “buy more” because things are cheaper! But that ignores the fact those people just scraping by having to work service jobs would rather pay more and have a job that would afford them raising a family. I remember in public school, the janitor (before the whole title inflation took hold) made enough money to raise a family. That doesn’t happen much any more. That job has been outsourced to cheap labor. Cheap because of two things people in mfg don’t have a job and will work for less and two low skilled labor coming in and adding downward pressure to wages.
- novok 7y agoThe rust belt is only one part of the american economy, and China is not the only explanation of their fall. The Canadian maritime use to be a fairly wealthy region, until the fish ran out. Now it's been like the rust belt for a long time and one of the poorest regions of canada. Other parts have become ascendant, such as our software & service industries. The american auto industry also killed themselves, mostly because peaceful Japanese competitors out competed them.