By Harry Browne
The burning issue of the day is the "exporting of jobs" to foreign countries by corporations.
As the prevailing wisdom would have it, greedy corporations are taking advantage of lower wages in foreign countries — taking jobs away from Americans and giving those jobs to foreigners who will work for much less money.
In other words, American companies make their products overseas and then bring them to America to sell to Americans who were denied jobs producing those wares.
The politicians who are upset about this practice rarely suggest any specific solution; they just promise to put a stop to it. The TV commentators who are exercised about it also are short on solutions; they just seem to enjoy viewing with alarm.
The only concrete solution that's been offered (that I've come across) is the introduction of state laws to require any companies doing business with the state government to produce their products within the U.S.
Politicians are notoriously economically illiterate. And even when they know what would be the right thing, we don't really expect them to do it.
But we do expect financial and economic reporters and "experts" who appear on television to have some grasp of whatever they're discussing. Thus, when these "experts" join in the chorus of outrage over greedy corporations exporting jobs, it's easy to believe there must be something to the complaint.
But just once I would like to see someone on television ask one of these politicians, reporters, or "experts" the following question:
Read the rest here.