An active industrial policy geared toward recovering our manufacturing capability can work and has worked before. There are many examples of this from U.S. history, championed by both sides of the aisle. In fact, tariffs effectively built the wealth of this country and have been a very valuable tool for managing growth for the better part of 200 years.
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China is using our ailing economic condition to their benefit. While jobs here in the United States are lost and our trade deficit and national debt rise, China is booming. How? Simple. China’s leaders are actually investing in their country. They’re creating jobs and industry, while our leaders are busy shipping our jobs overseas.
The WTO judgments are stacked in favor of foreign nations that do not care about the American people. We lose 90 percent of the cases brought against us, regardless of the facts. There is no higher court of appeals outside of the WTO.
Manufacturing was always the foundation of the American economy and has been responsible for the rise of our middle class. In fact, 25% of American workers were in manufacturing in the 1960′s. However, the once global super power is now drowning in debt, dependent on imports and suffering from an outrageous unemployment rate. Whom do we have to blame? Our political figures pushing “free trade.”
America is sailing into dangerous economic waters, chiefly due to our massive debts and inability to manufacture competitively. The months ahead could determine the success or failure of the nation’s economic course: will we right the ship—or sink into the history books as another former superpower?