I think in these discussions, unfortunately, President Obama has assumed the position of salesman-in-chief for companies like Boeing and General Electric who are actually engaged, along with many other multinational businesses, in primarily outsourcing American jobs to China. So, much of the discussion concerned the terms under which U.S. firms could do business in China and that sort of thing.
President Obama seems to have a gap in his vocabulary. He almost never mentions the word "imports." He talks constantly about exports, and that’s all they’ve talked about yesterday in the negotiations. They never talk about the vast excess of imports over exports. And that’s what’s driving trade and trade-related job loss here in the United States.
The impact of changes in trade on employment is estimated here by calculating the labor content of changes in the trade balance—the difference between exports and imports. Each $1 billion in computer exports to China from the United States supports American jobs. However, each $1 billion in computer imports from China displaces those American workers, who would have been employed making them in the United States. On balance, the net employment effect of trade flows depends on the growth in the trade deficit; not just exports. Another critically important promise made by the promoters of liberalized U.S.-China trade was that the United States would benefit because of increased exports to a large and growing consumer market in China. This market, in turn, was to be based on an expansion of the middle class that, it was claimed, would grow rapidly due to the wealth created in China by its entry into the WTO. However, the increase in U.S. exports to China has been overwhelmed by the growth of U.S. imports, as shown below.posted by anarch at 12:45 PM on January 20, 2011 [1 favorite]
Came for Abbott and Costello jokes, was disappointed.
Costello: Look, you gotta first baseman?posted by kirkaracha at 2:50 PM on January 20, 2011 [6 favorites]
Abbott: Certainly.
Costello: Hu's playing first?
Abbott: That's right.
Costello: When you pay off the first baseman every month, Hu gets the money?
Abbott: Every dollar of it.
Costello: All I'm trying to find out is the fellow's name on first base.
Abbott: Hu.
Costello: The guy that gets...
Abbott: That's it.
Costello: Hu gets the money...
Abbott: He does, every dollar. Sometimes his wife comes down and collects it.
Costello: Hu's wife?
Abbott: Yes.
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posted by Burhanistan at 11:38 AM on January 20, 2011 [6 favorites]