"The other 90% is subsidy, currency manipulation, environmental practices run amok and labor practices that are simply deplorable," Leo Hindery Jr., chairman of the U.S. Economy/Smart Globalization Initiative, told the Conference on the Renaissance of American Manufacturing held on Sept. 28 in Washington, D.C., according to Industry Week.
Hindery a longtime telecommunications executive, stressed that the nation's "real unemployment" stands at 22 million, and that it will rise by 150,000 jobs every month unless drastic action is taken. "We simply cannot close the gap of jobs of that magnitude without acute attention being paid to the manufacturing sector," he noted.
Hindery was one of Obama's economic advisers, umm, during the campaign. Natch, we ended up with Larry Summers oozing into the White House instead.
Hey Tony!
Haven't seen you for a long time and this is a great piece of information. People do not realize that the reasons for offshore outsourcing are not just cheaper labor but the above and can even go into "who you know" in D.C.. Case in point on that one is the U.S. Chamber of Commerce/NASSCOM (BPO) or Indian body shops, offshore outsourcing. Truly a lot of these contracts do not make financial sense.
I also quoted Hindrey in an earlier post, so he must be on a roll! I didn't know he was a campaign adviser and how interesting that campaign advisers would not automatically be the real ones.
Obama: can we re-negotiate China PNTR too?
In September 2000, a Republican Senate and Democratic president Bill Clinton passed a law granting China PNTR (Permanent Normal Trade Relations). President Clinton's Trade Representative had this to say at the time:
In a Reuters news story, U.S. Trade Representative Charlene Barshefsky is quoted as stating, "Granting PNTR for China not only provides tremendous economic opportunities for U.S. workers, farmers and businesses, it is also the best way to promote reform in China and stability in the region."
Since then, our trade deficits, and job losses - especially in manufacturing - have been a disaster. Thanks Charlene Barshefsky, for those "tremendous economic opportunities" brought about by China PNTR ... and for destroying the jobs, pride, and families of so many working Americans.
Oh, and wasn't it our dear President Obama who said throughout his campaign that he would re-negotiate NAFTA? Were these lies President Obama and if not, can you add "re-negotiate China PNTR" to that list?
Chinese Labor Cost
Regarding Tony's post. I don't understand why anyone in America right now would agree with tax breaks to ship jobs overseas, which leads to loss of jobs here and cheaper prices? I'm still waiting for my $2 shirt from China.
If labor costs are 10% of America, then why haven't prices plunged in correlation?
All Americans should walk away from Chinese goods and focus on buying products and services made in USA. Check out Americasgotproduct.com