It gets even worse if you borrow the money November 24, 2012 3:21 PMSubscribe
ABC News issues a "Made in America" Christmas challenge.The average American will spend $700 on holiday gifts and goodies this year, totaling more than $465 billion, the National Retail Federation estimates. If that money was spent entirely on US made products it would create 4.6 million jobs. But it doesn't even have to be that big. If each of us spent just $64 on American made goods during our holiday shopping, the result would be 200,000 new jobs. The Christian Science Monitor: The way Christmas shopping affects the economy is best seen by examining 24 categories of consumer goods where reliable data from the US Census Bureau can be found. For all of 2009, Americans consumed just over $143 billion worth of these consumer products. Nearly 80 percent came from abroad, and nearly 45 percent were produced in China alone. In 2010, these purchases rose to just under $158 billion, with slightly higher percentages of goods imported from abroad and China. (The figures cited would be even higher if the Census data for consumer electronics products were included, but that data contain too many internal contradictions to be reliable.)
Forbes Magazine: Apple’s iPhone is an interesting example. In 2009, iPhones contributed about $2 billion, equivalent to 0.8% of the Sino-U.S. bilateral trade deficit. One iPhone 3GS was sold for about $600. These phones were exclusively manufactured by Foxconn, a factory in a Southern Chinese city called Shenzhen. To produce them, Foxconn had to import $10.75 worth of parts from American companies. The rest of its $172.46 components came from Korea, Japan, Germany, and elsewhere. Out of a $600 iPhone, how much does China get? A puny $6.50, or 1% of the value. Apple makes vastly more. Combining with other American companies making parts, America receives close to 70% of the value.... China makes it possible for those companies to reward their shareholders handsomely and to provide thousands of high paying jobs in America.