More than 42,000 manufacturing facilities in the United States have been shut down since 2007. Lately, manufacturing facilities have been shutting down at the rate of 23 per day.
They’re all moving to China.
The reason is simple economics. China keeps their currency undervalued against the U.S. dollar by 40%. This gives them a 40% price advantage over everything they make over there.
Virtually every Fortune 500 company has outsourced jobs – entire factories! – to China. It’s the only way they can compete on world markets and make a decent profit.
In 1970 25 % of the jobs in the U.S. were manufacturing jobs. Today it’s less than 7%, and the government now classifies food production and gas stations as “manufacturing” jobs. Relative to 1970 numbers, the REAL manufacturing jobs are less than 3% – ONE TENTH of what they were 4o years ago.
Just last week the Treasury Department refused to label China as a currency manipulator. Clearly this is not and will never be an issue with the Obama administration.
Team Obama admires China’s brand of socialism. They want the U.S. to be just like that.
Pox on them.
