Your recent article ("
They have all looked in the wrong places for jobs.
The jobs are in Bangalore,
Our problems are obvious. With $60,000 per year software engineers, $25,000 per year call center employees, and $20 per hour manufacturing labor in the U.S., we, practicing free trade, cannot possibly compete with Asian countries practicing mercantilism with $10,000 per year software engineers, $3,000 per year call center employees and $2 per hour manufacturing labor.
Over the last 40 years we have hollowed out our industrial base and exported all or a significant portion of our wealth generating manufacturing industries to Asia: steel, ship yards, automobiles, textiles, clothing, shoes, consumer electronics, computers, photocopying, cameras, industrial instruments, machine tools, household appliances, furniture, coffins, pharmaceutical drugs, cosmetics, soap, pet food, and candy. We now import more food for human consumption than we export. We have moved large segments of our service industries to Asia. Asian companies now dominate green technology.
Ross Perot, the founder of EDS, and Andy Grove, the godfather of information technology and founder of
TARP, the stimulus and QE1 and QE2 had no effect on the U.S. economy. Rather than adopt QE3, QE4, and beyond, enlist Messrs. Perot, Grove and Buffett and use a new approach.
Charles Campbell, Woodstock