American capitalists outsourced production to China and other underdeveloped Asian countries, and also transferred high-pollution, high-energy-consuming low-end industries to Asia. Asians do the dirtiest and hardest work but get the lowest wages to pay for the Americans' high-consumption, high-waste, low-labor luxury life. Americans sit in their offices on Wall Street and reap the benefits of workers all over the world with dollars by tapping on their keyboards. Now they are pretending to be victims here again. They are shifting the conflict between American capitalists and ordinary American workers to geopolitical tensions and blaming China. How hypocritical and shameless.
While American companies have outsourced production to Asian countries, this strategy has mutually benefited both regions by driving economic growth, lifting millions out of poverty in Asia, and preserving competitiveness in the U.S. High-tech and innovative sectors have flourished in America, creating skilled job opportunities and advancing technology. The portrayal of Americans as living luxurious lives at the expense of others overlooks the significant contributions of American workers across diverse sectors. Geopolitical tensions are complex, involving political ideologies and global leadership roles, not just economic strategies. This interdependence has fostered global connectivity and cooperation, highlighting the need for constructive dialogue to address global challenges together.
@@passiveincomeguide7090”Lifting millions out of poverty in asia”- bro, go check yourself in the head, you’ve been feeding yourself too much american propaganda. Compare the wages, inhumane working conditions, and exploitation of workers in asia. How can you say millions of people are lifted out of poverty, when US corporations need to install suicide prevention nets in their factories?
I dont want to be a corporate bootlicker, but the end American consumer also greatly benefitted from outsourcing. Everyone wants to support American businesses till its time to pull out the checkbook
Here the key point that none is mentioning: Who decides if a factory is transferred to China? A bunch of American corporate guys in New York, Chicago, or in any other city, looking for savings and more profits.
The Owning Class decides and the Talking Class sells the decision to the Working Class. The Talking Class is running scared though, in the age of AI and outsourcing.
@@tom23245 Don't blame consumers who are subjected to the inflation/price control squeeze first imposed by Nixon where wages were frozen while prices continued to skyrocket! Some of us are old enough, and historically literate ehough, to have retained the memory of the inconvenient past. Capitalists sought to "tame" workers by shipping our jobs overseas and now seek a scapegoat (but they're not bringing them back, they'r planning to send them to India, or Africa, or anywhere else)
@Polit_Burro No, people are just cheap regardless of what ideology you subscribe you. Between buying 1 excellent quality shirt made in the US for $50 or 10 low quality synthetic fiber shirts from Shein, you know they're picking Shein (because that already happened). The same applies for every other product, be it furniture, kitchenware, appliances, etc.
My late brother was a business man in the 1990’s, and he was doing very well getting plastics blow moulded in China, rather than here in N. America. I already told him then, you’re feeding them, rather than our own economy. I just never liked the idea, but it’s all about a dollar saved.
No... China didnt "destroy" american jobs. Companies found it was much cheaper to outsource their production to China where labor and material costs were very inexpensive
I'm the last generation of Americans who worked in the mills and plants of New England. Downsized from closed factories three times my the mid 90's, I can tell you, it wasn't the Chinese who destroyed my hot, dirty, dangerous, well paying jobs (Which I enjoyed, for the most part). It was OSHA, EPA, lawyers, zoning, insurance and finally Wall Street who sold my job for Walmart pricing.
@@bryanjoachim5655 Enemies both Foreign and Domestic is the entire Issue with Donald Trump. Join us in fixing the Long Leftist Illness. What was can be Again.
Yeah, we're blaming the Chinese, but they didn't DO it, the took what we offered! We blame them, we blame the USA workers, everyone but the people who made billions by creating jolly things like the "Rust Belt"! Now we're going to just GIVE them more billions to "reshore", and they are telling us in advance "YOU WILL NEVER GET YOUR JOB BACK!". In engineering school I recall hearing that the general cost of Labor in manufacturing is like five per cent, and that's the cost at the factory dock. The product you receive (what with shipping, advertising, taxes on fees and fees on taxes, the LABOR CONTENT of the product might be almost nothing. We blame WORKERS WAGES when we also know that one CEO might make as much as EVERYONE in the factory put together....
Exactly! I'm not a fan of China. But did 5.3M jobs lost reflect unemployment rate? 100% of horse buggy manufacturing is dead, doesn't mean all the workers in that trade ended up jobless.
Yes. While some lost their jobs, the main beneficiary of lost-cost goods were people who shopped at Wal-Mart. In a way, China was helping keep the cost of living low for many of the low-income Americans.
True, actually there are many Chinese companies are willing to invest in the U.S and creating jobs but the U.S gov wont let it happen, for example BYD EV cars.
In 2010 I gave up my apartment lease to another American who was working in Shanghai. He worked for a tech firm that was a leader (at the time) of solar panels. Part of the deal that they had to set up shop in China was that they technology transfer as part of the contract. Fast forward 14 years later, and that does seem a rather short-sighted decision for his company.
@@luckyh1217because it would hurt or drive American and Japanese companies out of business. China is not an ally so why would you give your rival the ammo to shoot you with?
The greatest theft committed by capitalists and their friends are your time. For any discretionary spending, reconsider whether you are willing to spend extra money to get satisfaction from consuming these products. You spend precious time which you will never get back to earn that money, make it count.
@@ChandanMishra-ql1bi Sure the Americans may have lost 7 million manufacturing jobs from the height of their manufacturing days. But they gained 53 million service sector jobs 33 million of them higher paying jobs than their manufacturing jobs So with more jobs, more higher paying jobs, and added saving from imported goods did the average American Invest, save, or even throw that money under the mattress???? No they spent those added earnings, and thenborrowed to spend some more 👇 The U.S. Lost 7 Million Manufacturing Jobs--And Added 33 Million Higher-Paying Service Jobs It’s also nonsense. The truth is that America has lost some 7 million manufacturing jobs and added some 53 million jobs in services. This is just what happens with advanced economies-it’s easier to increase productivity in manufacturing than it is in services, this is the heart of Baumol’s Cost Disease. As it was easier to increase productivity in agriculture through mechanising it than it was in manufacturing. Thus, over time, the proportion of the workforce engaged in agriculture falls, so too does the proportion in manufacturing. And given that services (with a couple of small adjustments for mining, construction and utilities) is the name we give to all the rest of the economy therefore an increasing portion of the labour force ends up in services. Further, of those 53 million new jobs some 62% of them were in higher paying occupations than those “high paying good jobs” in manufacturing we lost. Yes, really, 33 million higher paying jobs came along to replace those 7 million lost. Which does, when you look at those numbers properly, seem like rather a good deal. Forbes
Exactly! And the jobs are not back, they are just moved to India, Vietnam, Mexico, etc. The corporates will keep the money to their shareholders instead of sharing a dime with the workers or the consumers. Now we just ended up with more expensive goods. This video is so biased
@@shawnbai743 its would be easy and fair to look at this way. China and American are sellers selling (big profit/benefits/gov grants/low tax/low wage etc)and the free market is the buyer. And it doesn't matter which country the companies resides. Even if the companies resides in the US even if profits went to the companies that resided in the US. Still America is losing the economic edge. (It's a fact)
It was corporate greed that caused the shutdown of American factories in the first place. If these corporations truly valued their employees, they wouldn’t have shut down these factories in America and outsourced to China, Vietnam, Bangladesh, India, etc.
No, blame the American politicians that let the CCP/Chyna into the WTO w/o limits, letting them demand intellectual property secrets w/o being transparent about their finances and bogus growth numbers. Chyna got away with murder, it would be on their hands except the Americans let it happen to themselves.
keep blaming china for everything economical , blame russia for European / American issues, blame Iran for American / Middle East issues. blame blame blame
There are three Stooges wanting to become the Next President. They have a limited knowledgs of the economy. They still believe we are an economical superpower. They won't tell us how they will deal with coming crash. It will be so bad that America will become a third world country almost overnight.
@Booz2020is that really ironic? I really do think… it’s not. :) (Seriously, though: Apple was one of the last tech firms to move manufacturing to China, and only did so when so many of their competitors did that the cost of keeping US manufacturing was no longer sustainable. Even then, they STILL produce some of their higher-end products in the US. If you weren’t around, or paying attention to tech, during the time US computer-manufacturing was slowly disappearing, you should know that Apple was under constant fire from computer buyers for the dramatically-sigh prices of their US-made machines back then. They’d already cut back on the quality of their mid and low range offerings… which their older customers decried; so the only options they had were to make the stuff to even lower standards, or to offshore (the verb) manufacturing. “Designed in the US”, in this case, is actually a big deal, as it shows they still drew the line somewhere. Other tech companies would’ve moved EVERYTHING overseas, designers and makers alike.)
What worse is both US corporations and government dont reinvest their gained extra profit and taxes efficiently back into US infastructure, healthcare, education.. and have the audacity to blame other countries for its failure
Usually late night, two Chinese guys on bicycles pedaled up to American factories, and in an act of sheer absurdity, they packed up all the jobs in entire factories, tucked it under their arms and quietly cycled away to China with all jobs to a new spot. This is how it happened.
I remember WSJ partnered with Heritage Foundation ranked China on par with Haiti in terms of economic freedom index few years ago. I guess business community didn’t buy the story. Why should we buy the story again.
I don't remember that, but I believe it. BTW, during the NAFTA debates, didn't Ross Perot deal with that comparison ? And didn't WSJ and Heritage both support NAFTA ?
>economy is tanking >everyone has smaller budgets >everyone buys cheaper Chinese stuff because they can't afford American made stuff >"surely, making the Chinese stuff as expensive as American stuff is the solution"
This is patently false. You can simply follow the money. The value of labor has been driven into the dirt. That's exactly why there are actually very few robots. Robots are not worth the cost it takes to ship finished products from China. All you have to do is move your business out there and you get "robot" level prices. Even in agriculture the robot still holds people, because its cheaper to hire slaves. than manufacturer a large set of fully functioning robots. But more recently this has been felt by the tech industry. What does that tell you. There are plenty of modernization opportunities for tech all over the US. There are places that still use fax. But yet the average young software developers are killing themselves for jobs and not finding them. That tells the entire story right there. Those jobs still exist, they are highly valued, and by and large are no longer held by Americans. We are becoming poorer in general and its now clearly visible.
Ironically America who wrote Free Trade rules before Chinese jumped in, and Ironically Chinese manufacturing used to be cheaper due to the cheap labour , but now Chinese factories are more automated than the US
Yeah, bring back the jobs. You think Americans today will work in a factory doing those hard labor?! Wake up people! The comments explained much better than this video.
Yes they will. They still do. It’s called………blue collar workers. I think we still have factories, and I think they still pay well with benefits, 401, and decent pay
The United States could ask China to open factories in the United States in exchange for sales licenses, but the United States did not do so. Instead, it directly raised tariffs by 100%.
Large companies want to get the advantages of selling in an advanced economy. They want to pay low wages and no taxes. The world economy will collapse under pure greed and corruption.
"We cant let China do this to us" Meanwhile... They are shipping all their jobs to China. -Thing is. They want tax breaks, economic incentives, bailouts, guarantees and exemptions from rules and regulations before they consider bringing jobs back to the US.
When the dollar gets weak, it could mean tough times ahead economically. I'm thinking about how to protect my money from inflation. Lately, I've heard a lot about Bitcoin. With its halving finished and ETFs approved, many folks expect its value to shoot past $100k. I've got $300k saved up, and I'm tempted to invest now. But I'm worried: Is it too late to make the most profit?
It seems like there's potential, but caution is warranted. hence I will advice you get yourself a financial advisor that can provide you with entry and exit points
If you lack market knowledge, your best bet is to seek advice or support from a consultant or investing coach. Contacting a consultant may sound simple, but it's how I've managed to stay afloat in the market and increase my portfolio to roughly 65% since January. It is, in my opinion, the best way to get started in the industry right now.
If China wasn't constantly threatening their neighbors with invasion, then such rhetoric would be unjustifiable. But right now China is basically foreshadowing plans to engage in Nazi style imperial conquests, complete with whole races of people in concentration camps to boot. You might want to research the Uighur Muslim's sometime. So the framing of this as yellow peril rhetoric is about as invalid as you could possibly get. You seriously need to do more research on what China is doing and foreshadowing. There is a reason why Japan is significantly bolstering its military. And likewise India. The threat of China is very real.
Does the public realize if outsourcing wasn’t don’t and all jobs stayed in the USA that the consumer would be paying several times more for a product made in the USA?
As someone who worked in the business consulting industry, I can affirm that more American jobs went to Asia than to people crossing the southern border…
Sure the Americans may have lost 7 million manufacturing jobs from the height of their manufacturing days. But they gained 53 million service sector jobs 33 million of them higher paying jobs than their manufacturing jobs So with more jobs, more higher paying jobs, and added saving from imported goods did the average American Invest,save, or even throw that money under the mattress????? No they spent those added earnings, and then borrowed to spend some more 👇 The U.S. Lost 7 Million Manufacturing Jobs--And Added 33 Million Higher-Paying Service Jobs It’s also nonsense. The truth is that America has lost some 7 million manufacturing jobs and added some 53 million jobs in services. This is just what happens with advanced economies-it’s easier to increase productivity in manufacturing than it is in services, this is the heart of Baumol’s Cost Disease. As it was easier to increase productivity in agriculture through mechanising it than it was in manufacturing. Thus, over time, the proportion of the workforce engaged in agriculture falls, so too does the proportion in manufacturing. And given that services (with a couple of small adjustments for mining, construction and utilities) is the name we give to all the rest of the economy therefore an increasing portion of the labour force ends up in services. Further, of those 53 million new jobs some 62% of them were in higher paying occupations than those “high paying good jobs” in manufacturing we lost. Yes, really, 33 million higher paying jobs came along to replace those 7 million lost. Which does, when you look at those numbers properly, seem like rather a good deal. Forbes
@@DW-op7ly buddy you’re preaching to the choir, I agree. It’s the negative spin that Republicans put saying illegal immigrants are stealing American jobs, they’re not lol
Those were the jobs that they couldn't outsource. There's a reason why white male middle aged men have been the second leading demographic for self-cancellation of their lives (we can'ts speak plainly any more thanks to our thoughtlords among the TAlking Class who have reserved certain words for themselves, the more better to control their meaning and use)
Lol... the auto industry "flourished" because of American protectionism. Also, the auto bailouts were conveniently unmentioned. This is one of the worst researched WSJ videos I've watched. If I wanted this level of reporting, I'd watch business insider
It looks like you've had too much to *think* - I would be careful, lest a Uniparty Thought Police Drone catch you committing wordcrimes against the System.
I am Chinese and now we are undergoing a painful economic restructuring, as our whole real estate industry is decimated and along with the massive industry that supports it. We face staggering unemployment rate among youth. We are getting sanctioned with unfair trade tariffs which is against the very notion of feee trade. We are denied of most advance technology and scientific cooperation at every turn. The only saving grace we have is that we have massive saving among citizens and most youth are supported by their parent. Since when did all mighty US become so fragile? I know your politicians and media wouldn’t care, but I just can’t shake off the thought of what would the great Lincoln say and do when he see this kind of media in American.
WSJ should ask why western countries outsource their production to low cost labour countries eg china. Secondly is the USA presently a friendly investable countries? Forcing Chinese companies to sell their companies in USA, using legislation ? Outsourcing to other countries , then using transfer pricing techniques. The list will be long.
This explains the waning of American middle class. Traditionally, manufacturing jobs were the great entries for young people to kickstart their careers. With these jobs gone, everyone scrambled to get a higher-ed degree - meaning we need to borrow student loans and enter the workforce later. Then, companies put up experience requirements that are unfair to newly grads. See the vicious cycle here fellas?
It's a deeper problem. When Executives decided to move those manufacturing jobs to China, the whole supply chain was destroyed with it. Good luck building those back...
Free trade is similar to natural evolution: if you can’t compete, it’s best to adapt and pursue something else. For example, if a product costs $10 to produce in the US but only $5 in China, adding tariffs to make the Chinese product cost $11 forces consumers in the US to pay higher prices. This protect inefficient companies or workers, but hurt all consumers and Chinese producers. The only true winner in this scenario is the US government, which collects additional revenue from the tariffs, while everyone else loses out.
Sorry, mr chinaman. The way your leaders pursue this with stealing and government support in order to drive out competitors to rule the market is NOT a natural evolution or competition.
Not necessarily. If all else is held equal, then yes. But China HEAVILY subsidizes certain industry. It’s not “fair” at that point. But I agree, increased tariffs isn’t the solution because yes, we citizens pay a higher price.
Everyone does not lose if a country like the USA imposes tariff walls against China. The workers who are employed in the corresponding US company will gain along with the companies that supplied to this company, marketing company, distribution company etc etc. They all gains. Consumers are also workers. If the consumers lose their jobs, how can they pay for their consumptions. The country also gains as its trade deficits will be lower.
Some American lost jobs because their bosses moved the jobs to China, but some other American don’t want to take the jobs handed to them. I asked every cleaning lady in our company to clean my house for $25/hr cash. none of them want to do it. All of them have parties or want to rest on weekends. A new immigrant couple took the job for $20/hr/person. We have plenty painters in our factory. None of them even bother to come to give a quote for a pretty big painting job. I am not a supervisor, those coworkers all are friendly with me. I just assume people would want to make some extra money by working extra hours with all this inflation everywhere. No I am wrong. So why blame others when they took the jobs that you don’t want??
Now, low-end products such as furniture, clothes, shoes are moving to Vietnam, Indonesia; And high-end products like cars, home appliances, moved to Japan and South Korea. Still no return to the United States.
7000 views with 70 comments! That's all you need to know about this video. A huge waste of time. And, WSJ, if we're talking about USA vs China, I don't need another of your British speaking experts.
It is no wonder that China has developed so rapidly, since all developed countries invested in China, not just the U.S. If China learns from them and no longer needs Western companies, it will be better for the West. Investing in China is the same thing we did a long time ago. History repeats itself.
Manufacturing has experienced a prolonged decline, burdening Americans with increased workloads. Corporate greed has undermined support for the working class, leading to a struggle that has significantly impacted the middle class.
Funny how the same Corporate bozos told us then that this was a good thing and that these workers should just "re-skill" and "re-train" but now AI is poised to serve the same medicine to the Talking Class that they once sold to the Working Class. LOL What goes around comes around guise. LOL
US is still a rich country with plenty opportunity to go around. Just have to rid of the career politicians, the useless warhawks with delusion of grandeur and 19th century imperialist mentality syndrome, and put in someone who actually know how to run a modern economy, fix crimes, education and healthcare...
Part of me wants the jobs back in America... and the other part just wants to move them to India and Vietnam so the costs drop lower and our prices as consumers go lower too.
The United States wants to invest funds in infrastructure construction. Infrastructure construction has nothing to do with manufacturing, cannot be replaced by foreign countries, and can create a large number of jobs. But are there still workers in the United States who are willing to work hard to build houses, subways, high-speed rails, and roads?
So the US created a labor aristocracy and the petty non aristocrats got left further and further behind and eventually couldn't afford the opiods necessary for the "american dream" What a "great America"
The key beneficiary of high-value goods at low prices, such as EVs, drones and renewable energy systems is the US consumer. That some cheer on tariffs on these products entering the US marketplace is broadly reflective of the low levels of economic education in the USA. This is quite possibly the last nail in the coffin for America to stay the dominant economic power in the world. Once it shuts itself off, it will wither as it will no longer be able to compete globally.
1:57 as someone who lived in Cedar Rapids from 2008-2014, I'm surprised to hear about this huge loss of manufacturing that apparently happened just before I got there.
Two things to consider in the past: 1. Unemployment wave hit Chinese workers at state-own companies just as hard when they first joined WTO; 2. Large US corporations that made massive amount of money from moving their manufacturing bases to China decided to park their profit in off-shore accounts rather than reinvest back into American people. One thing to consider going into the future: Implementing tariffs is only a temporary solution that will not improve US competitiveness in the long run
USA doesn't need to export goods. The only thing the US needs to do is export freshly printed US dollars, of which has worked beautifully for at least 50 years now.
Blame your own American corporations for hating workers' union and wanted to outsource to China (which doesn't have workers' union) to abuse the Chinese's hardworking nature by having them work 996 and 997 schedules, equivalent to working 72 to 84 hours per week. Before America have workers' union, wasn't that the issue faced in America too? American business owners overworking American workers. The American govt pampered the head of corporations at the expense of the everyday Americans. Who can the American government blame other than themselves? Costing American jobs? What the American govt is actually saying is that cheap China goods is costing profits of major American corporations. Since tariffs have been applied to China to protect American jobs and livelihood, cost of living and unemployment in America should come down right? So we can just wait and see. The outcome will tell if the American govt truly cares about the American masses.
Sometimes WSJ falls short on reporting. 1. the grocery store used was Whole Foods-not a great example of inflation hilling the masses maybe Safeway was a better option.. 2. Toyota builds cars where it sells them - so it's not specific to the US. 3. The 5.7M jobs went out of the US to improve companies bottom lines and it was detrimental to the US worker. The US Gov. helped this happen but didn't keep its word about retraining the work force.
American corporations have benefitted immensely from outsourcing to China. The American billionaires and millionaires increased 3-4x fold by using China as their factories. Even social marketing influencers are benefitting immensely from Chinese products. America and Europe could've gone to Vietnam, India, Malaysia, Indonesia, Mexico, Brazil, and many African countries to manufacture their products in the 1980's-1990's, because labor wages and labor conditions were similar with China. Why didn't they? It was very obvious, China was committed to mass production at the greatest value money can buy. That means, they were willing to re-invest what they've earned into labor skillset, transportation infrastructure, and upgrading to a very efficient and effective manufacturing supply chain. The US needs very critical reforms that has a balance of competitive manufacturing and service industries.
I realized that the secret to making a million is saving for a better investment. I always tell myself you don't need that new Maserati or that vacation just yet. That mindset helped me make more money investing. For example last year I invested 80k in stocks and made about $246k,but guess what? I put it all back and traded again and now I am rounding up close to a million
Thanks for continuing updates I'd rather trade the stock market as it's more profitable. I make an average of $42,500 per week even though I barely trade myself.
Chinese prices are also cheaper. 2 usd had the buying power of 14 rmb. And 14 rmb can get you the same stuff at a Chinese market as 14 usd can in a US market
China (and Asian in general) AI and Robotics btw is far superior. At least from the commercially available customer facing aspect. Not sure about the behind doors stuff.
The US teaches everyone in the world about "free trade without restrictions" and "democracy", yet the US itself does neither on its own territory) Beneficial for the US, yes!
Back then a few developed capitalist countries forced 'free trade' idea into the world so they can gain new export market in poor countries with zero opposing competition in manufacturing, and buy poor countries resources at dirt cheap rate to fuel their own economy. It's pretty much neocolonialism. Now they are reverting to protectionism and tariff when other countries had catched up and they cant compete.
The graph at 2:49 shows a decline in American employment, ostensibly due to Chinese competition. What it doesn’t say is the fact that we went through a massive recession after the crash of 2008. That had nothing to do with China. are they counting on people not remembering that event?
Chinese gov relies too heavily on certain industries like manufacturing and real estate. They artifically prop up industries they like (even if it doesnt make strategic economic sense like overinvestment in manufacturing) and disrupt industries that displease them (even if they will strengthen their economy like tech / gaming aka tencent and retail aka alibaba). Alibaba was the amazon of china until founder Jack Ma angered the chinese gov. Now companies like Temu have taken charge and made things a race to the bottom in China where people barely make money from selling dirt cheap products.
![[#2024MAMA] ROSÉ (로제), Bruno Mars - APT. | Mnet 241122 방송](http://i.ytimg.com/vi/dgGqD28J6aQ/mqdefault.jpg)
American capitalists outsourced production to China and other underdeveloped Asian countries, and also transferred high-pollution, high-energy-consuming low-end industries to Asia. Asians do the dirtiest and hardest work but get the lowest wages to pay for the Americans' high-consumption, high-waste, low-labor luxury life. Americans sit in their offices on Wall Street and reap the benefits of workers all over the world with dollars by tapping on their keyboards. Now they are pretending to be victims here again. They are shifting the conflict between American capitalists and ordinary American workers to geopolitical tensions and blaming China. How hypocritical and shameless.
Well said.
💯 USA took all the benefits, made a ton of money and now acts like they're the victim
totally correct. The only thing that need blame is that China didn't keep only on those low-cost low-end jobs and emerge on high-tech.
While American companies have outsourced production to Asian countries, this strategy has mutually benefited both regions by driving economic growth, lifting millions out of poverty in Asia, and preserving competitiveness in the U.S. High-tech and innovative sectors have flourished in America, creating skilled job opportunities and advancing technology. The portrayal of Americans as living luxurious lives at the expense of others overlooks the significant contributions of American workers across diverse sectors. Geopolitical tensions are complex, involving political ideologies and global leadership roles, not just economic strategies. This interdependence has fostered global connectivity and cooperation, highlighting the need for constructive dialogue to address global challenges together.
@@passiveincomeguide7090”Lifting millions out of poverty in asia”- bro, go check yourself in the head, you’ve been feeding yourself too much american propaganda.
Compare the wages, inhumane working conditions, and exploitation of workers in asia.
How can you say millions of people are lifted out of poverty, when US corporations need to install suicide prevention nets in their factories?
And who is profiting from outsourcing to China? American companies. What a stupid story.
I dont want to be a corporate bootlicker, but the end American consumer also greatly benefitted from outsourcing. Everyone wants to support American businesses till its time to pull out the checkbook
China did for sure and these companies had to give up trade secrets to enter china.
Right
@@kulnoorxseriously
@@kulnoorx Are cheap Chinese goods worth it at the expense of the American Worker? NO.
Here the key point that none is mentioning: Who decides if a factory is transferred to China? A bunch of American corporate guys in New York, Chicago, or in any other city, looking for savings and more profits.
The Owning Class decides and the Talking Class sells the decision to the Working Class. The Talking Class is running scared though, in the age of AI and outsourcing.
@@Catofsteel yes and it’s the fault of that factory worker who was paid 1 dollar a day on that factory floor
And why do they do that, and who do they answer to?
The answer is YOU the end consumer who chose cheaper Made in China products yourself.
@@tom23245 Don't blame consumers who are subjected to the inflation/price control squeeze first imposed by Nixon where wages were frozen while prices continued to skyrocket!
Some of us are old enough, and historically literate ehough, to have retained the memory of the inconvenient past.
Capitalists sought to "tame" workers by shipping our jobs overseas and now seek a scapegoat (but they're not bringing them back, they'r planning to send them to India, or Africa, or anywhere else)
@Polit_Burro No, people are just cheap regardless of what ideology you subscribe you. Between buying 1 excellent quality shirt made in the US for $50 or 10 low quality synthetic fiber shirts from Shein, you know they're picking Shein (because that already happened). The same applies for every other product, be it furniture, kitchenware, appliances, etc.
2001: Here China, have our industries.
2024: China stole our industries.
China created usa
@@jeremyt7448 yes it is funny how they spin the facts
Exactly!
My late brother was a business man in the 1990’s, and he was doing very well getting plastics blow moulded in China, rather than here in N. America. I already told him then, you’re feeding them, rather than our own economy. I just never liked the idea, but it’s all about a dollar saved.
2025: we better start copying their tech. reverse engineer
No... China didnt "destroy" american jobs.
Companies found it was much cheaper to outsource their production to China where labor and material costs were very inexpensive
Thus, indirectly China is destroying US jobs.
more like American companies are too greedy and don't want to invest, they just want easy pickings
@octonoozle have you seen their manufacturing ecosystem? it's crazy
It is at this point
American Companies destroyed American Jobs.
I'm the last generation of Americans who worked in the mills and plants of New England. Downsized from closed factories three times my the mid 90's, I can tell you, it wasn't the Chinese who destroyed my hot, dirty, dangerous, well paying jobs (Which I enjoyed, for the most part). It was OSHA, EPA, lawyers, zoning, insurance and finally Wall Street who sold my job for Walmart pricing.
@@bryanjoachim5655 Enemies both Foreign and Domestic is the entire Issue with Donald Trump. Join us in fixing the Long Leftist Illness. What was can be Again.
last gen. means no one wants to do the dirty jobs in america.
why west media dont thank asian workers, but blame them.
Yeah, we're blaming the Chinese, but they didn't DO it, the took what we offered! We blame them, we blame the USA workers, everyone but the people who made billions by creating jolly things like the "Rust Belt"! Now we're going to just GIVE them more billions to "reshore", and they are telling us in advance "YOU WILL NEVER GET YOUR JOB BACK!". In engineering school I recall hearing that the general cost of Labor in manufacturing is like five per cent, and that's the cost at the factory dock. The product you receive (what with shipping, advertising, taxes on fees and fees on taxes, the LABOR CONTENT of the product might be almost nothing. We blame WORKERS WAGES when we also know that one CEO might make as much as EVERYONE in the factory put together....
Why don't you count how much have the US firms earned from this China shock? Why do you only count the damage, not the benefits?
Exactly!
I'm not a fan of China. But did 5.3M jobs lost reflect unemployment rate? 100% of horse buggy manufacturing is dead, doesn't mean all the workers in that trade ended up jobless.
Because it would highlight class inequality, and this is News Corp.
Why would people losing their job care about that?
Yes. While some lost their jobs, the main beneficiary of lost-cost goods were people who shopped at Wal-Mart. In a way, China was helping keep the cost of living low for many of the low-income Americans.
Because the every day working person is getting shafted while "US Firms" make out like bandits. A small few benefit and the vast majority are damaged.
I don’t blame China for this issue in particular. I blame the US for having zero vision and allowing major corporations to do this.
True, actually there are many Chinese companies are willing to invest in the U.S and creating jobs but the U.S gov wont let it happen, for example BYD EV cars.
The vision was to improve the profits for companies so more goodies can be given back to wealthy shareholders.
Cutting prices is the main goal of major corporations
In 2010 I gave up my apartment lease to another American who was working in Shanghai. He worked for a tech firm that was a leader (at the time) of solar panels. Part of the deal that they had to set up shop in China was that they technology transfer as part of the contract. Fast forward 14 years later, and that does seem a rather short-sighted decision for his company.
@@luckyh1217because it would hurt or drive American and Japanese companies out of business. China is not an ally so why would you give your rival the ammo to shoot you with?
america likes free markets until they start losing
China isn't entitled to American markets, wumao
China isn't entitled to American markets, wumao
The greatest theft committed by capitalists and their friends are your time.
For any discretionary spending, reconsider whether you are willing to spend extra money to get satisfaction from consuming these products. You spend precious time which you will never get back to earn that money, make it count.
So true
tariffs are only gon go higher so keep crying 😂😂😂😂😂
Now Fortune 500 companies are outsourcing white -collar jobs at a record pace to India and Central America.
I’m a victim of this, jobs I used to work are completely gone from the US
6 million jobs lost to China aren't small numbers Buddy even if it's cheap, it still costs for trillions of dollars
@@ChandanMishra-ql1bi
Sure the Americans may have lost 7 million manufacturing jobs from the height of their manufacturing days.
But they gained 53 million service sector jobs
33 million of them higher paying jobs than their manufacturing jobs
So with more jobs, more higher paying jobs, and added saving from imported goods
did the average American Invest, save, or even throw that money under the mattress????
No
they spent those added earnings, and thenborrowed to spend some more
👇
The U.S. Lost 7 Million Manufacturing Jobs--And Added 33 Million Higher-Paying Service Jobs
It’s also nonsense. The truth is that America has lost some 7 million manufacturing jobs and added some 53 million jobs in services. This is just what happens with advanced economies-it’s easier to increase productivity in manufacturing than it is in services, this is the heart of Baumol’s Cost Disease. As it was easier to increase productivity in agriculture through mechanising it than it was in manufacturing. Thus, over time, the proportion of the workforce engaged in agriculture falls, so too does the proportion in manufacturing. And given that services (with a couple of small adjustments for mining, construction and utilities) is the name we give to all the rest of the economy therefore an increasing portion of the labour force ends up in services.
Further, of those 53 million new jobs some 62% of them were in higher paying occupations than those “high paying good jobs” in manufacturing we lost. Yes, really, 33 million higher paying jobs came along to replace those 7 million lost. Which does, when you look at those numbers properly, seem like rather a good deal.
Forbes
@@ChandanMishra-ql1biDon't try to deflect the current loss to India of white collar jobs!
Exactly! And the jobs are not back, they are just moved to India, Vietnam, Mexico, etc. The corporates will keep the money to their shareholders instead of sharing a dime with the workers or the consumers. Now we just ended up with more expensive goods. This video is so biased
This kind of articles treat audience as fool
From the comments, there are many fools in the audience
not everyone is educated like you; clearly, you are not their target audience.
@@dfdf-rj8jr Especially you. Look at who you trust.
@@shawnbai743 its would be easy and fair to look at this way.
China and American are sellers selling (big profit/benefits/gov grants/low tax/low wage etc)and the free market is the buyer. And it doesn't matter which country the companies resides. Even if the companies resides in the US even if profits went to the companies that resided in the US. Still America is losing the economic edge. (It's a fact)
It was corporate greed that caused the shutdown of American factories in the first place. If these corporations truly valued their employees, they wouldn’t have shut down these factories in America and outsourced to China, Vietnam, Bangladesh, India, etc.
Chasing ever higher profit margins and the constant need to report "growth" brought us here. It's a race to the bottom.
If you extend the graph all the way back to the 80's, you see that manufacturing jobs have been declining long before China entered the picture
And unemployment in the US is at an all time low.
@@teoengchin they blame Japan for that!!!
Because other third countries entered the picture. China isn't special, it's just not a good competitor
China entered the picture before the 80's though dude lol
@@TheCommonSensible And other countries
BS. Blame China is easy as always.
Yes, it is really our treasonous politicians and CEO's.
No, blame the American politicians that let the CCP/Chyna into the WTO w/o limits, letting them demand intellectual property secrets w/o being transparent about their finances and bogus growth numbers. Chyna got away with murder, it would be on their hands except the Americans let it happen to themselves.
You support child labour and IP theft? Cause that’s how they got ahead.
keep blaming china for everything economical , blame russia for European / American issues, blame Iran for American / Middle East issues. blame blame blame
There are three Stooges wanting to become the Next President. They have a limited knowledgs of the economy. They still believe we are an economical superpower. They won't tell us how they will deal with coming crash. It will be so bad that America will become a third world country almost overnight.
It is what American politicans do, and heart breakingly, so many of the population follow with no questions asked
Yeah and what does China do during the Hong Kong Protests? Russia during Euromaidan?
Blame it to the rain..yeah..yeah...
Blame it to the stars...
@@dfdf-rj8jrChina stablelise the situation on Hong Kong
The Irony an American Flag made in China.
Harbor freight
@Booz2020is that really ironic? I really do think… it’s not. :)
(Seriously, though: Apple was one of the last tech firms to move manufacturing to China, and only did so when so many of their competitors did that the cost of keeping US manufacturing was no longer sustainable. Even then, they STILL produce some of their higher-end products in the US. If you weren’t around, or paying attention to tech, during the time US computer-manufacturing was slowly disappearing, you should know that Apple was under constant fire from computer buyers for the dramatically-sigh prices of their US-made machines back then. They’d already cut back on the quality of their mid and low range offerings… which their older customers decried; so the only options they had were to make the stuff to even lower standards, or to offshore (the verb) manufacturing. “Designed in the US”, in this case, is actually a big deal, as it shows they still drew the line somewhere. Other tech companies would’ve moved EVERYTHING overseas, designers and makers alike.)
Americans don't get irony.
@@daverich3352 who taught you that lol
Who made the profits? Why not go after those who made the profits with the offshoring?
You are looking in the wrong place buddy
What worse is both US corporations and government dont reinvest their gained extra profit and taxes efficiently back into US infastructure, healthcare, education.. and have the audacity to blame other countries for its failure
Anyone who really examines the first five seconds of this video will immediately suspect the WSJ is a nothing but a propaganda farm.
True, but you're from a Chinese propaganda farm
@@stoonookw Hey, let's not rule out the Russians or Saudi Arabia..
@@stoonookwu r not bright don't you. ONLY Chinese propaganda in the comment sections just because the title is united snakes vs China?
@@stoonookwnah, Chinese propaganda is too fake to believe so we chinese people who has came out of the wall do understand what propaganda is
@@fannyalbi9040 did you just like your own comment 😂😂😂😂
Usually late night, two Chinese guys on bicycles pedaled up to American factories, and in an act of sheer absurdity, they packed up all the jobs in entire factories, tucked it under their arms and quietly cycled away to China with all jobs to a new spot. This is how it happened.
😂😂
🎉Génie story 😂
lol😅😅😂😂😂
So unfair report here... only the one side story.
America/ western propaganda
Why don't you tell us the other side story, wumao?
@@dfdf-rj8jr U-Tube censors.
@@dfdf-rj8jrdude,do u actually believe that there are a billion china bots😂
@@johnteets2921 Ah yes, TH-cam censors news about cars...
I remember WSJ partnered with Heritage Foundation ranked China on par with Haiti in terms of economic freedom index few years ago. I guess business community didn’t buy the story. Why should we buy the story again.
Bc it is the truth?
Its like saying US is on par with Haiti in terms of gun violence 😂. You are a fool @MNTrader2012
@@MNTrader2012 haha dream on, the real truth is that u lived far and beyond ur own means.
37 trillion debt and counting.
I don't remember that, but I believe it. BTW, during the NAFTA debates, didn't Ross Perot deal with that comparison ? And didn't WSJ and Heritage both support NAFTA ?
WSJ is a CIA sponsor mouthpiece
>economy is tanking
>everyone has smaller budgets
>everyone buys cheaper Chinese stuff because they can't afford American made stuff
>"surely, making the Chinese stuff as expensive as American stuff is the solution"
How do you think Japan, South Korea, and China build up their industries? Their protectionism makes America look like a joke.
Dior's $4500 bag, cost $100 to made. Does it creates more jobs?
love ur critical thinking
Look at the high unemployment in China. It's not just China, it's technology and automations. Most jobs have been replaced by robots.
This is patently false. You can simply follow the money. The value of labor has been driven into the dirt. That's exactly why there are actually very few robots. Robots are not worth the cost it takes to ship finished products from China. All you have to do is move your business out there and you get "robot" level prices. Even in agriculture the robot still holds people, because its cheaper to hire slaves. than manufacturer a large set of fully functioning robots. But more recently this has been felt by the tech industry. What does that tell you. There are plenty of modernization opportunities for tech all over the US. There are places that still use fax. But yet the average young software developers are killing themselves for jobs and not finding them. That tells the entire story right there. Those jobs still exist, they are highly valued, and by and large are no longer held by Americans. We are becoming poorer in general and its now clearly visible.
Ironically America who wrote Free Trade rules before Chinese jumped in, and Ironically Chinese manufacturing used to be cheaper due to the cheap labour , but now Chinese factories are more automated than the US
They’re more expensive labor than they used to be which is why companies are shifting to other East Asian countries and Mexico.
Those automated BYD factories are run 24/7. Save the robots !.
US companies outsourced their manufacturing to Asia, make tons of profits, but now America blames China for "stealing" their jobs. 🤣
chinas fault for being more competitive 😂 thought you guys believed in capitalism
The problem with tariffs is they think the extra money will go into workers' pockets. But it actually goes to the politicians.
As long as I don't have to pay a fine for working.
How do you figure that? Did you read that from forum or sites populated by Russian trolls and Chinese wumao?
@@MNTrader2012 ? If your product gets 25% tarrif added on, as a business person it is obvious you will charge consumer to make up the difference
I guess Chinese companies will not sell in U.S. but other companies use China’s supply chains will
What does this even mean
Not just China, but Mexico too. USMCA/NAFTA, ate away many manufacturing jobs especially in auto sector.
Yeah, bring back the jobs. You think Americans today will work in a factory doing those hard labor?! Wake up people!
The comments explained much better than this video.
Yes they will. They still do. It’s called………blue collar workers. I think we still have factories, and I think they still pay well with benefits, 401, and decent pay
Chinese cheaper goods also enabled US dollar dominance in the large part of early 2000s especially where there were 2 wars ongoing.
And that helped who? The Cheneys? The Sacklers?
@@SynthwaveDuck That helped all the folks that bought imported goods as well. I mean the Dollar, not the war.
@@huckleberryfinn6578 Helped them to see their way out of jobs to buy things with? Helped wages stagnate and CEO pay increase? That it helped
cheaper goods from China don't make USD stronger; China's purchase of the US Treasuries does.
All bot comments get through
Seems like the mailman blames email for being out of job.
The mail is almost obsolete, and yes email is the biggest single reason.
Stop tariffing the Chinese EV cars, let them build the EV manufacturing here , millions of jobs
They're not building EV manufacturing the USA; that's the whole point of the tariffs.
@@philipthecow they are not building or they are not allowed to build
Then they'll have to ban those companies once they start making too much money because NAtiOaL sECuriTY
The United States could ask China to open factories in the United States in exchange for sales licenses, but the United States did not do so. Instead, it directly raised tariffs by 100%.
WSJ spitting protectionist fallacies is not what I expected to be on my bingo card this year.
很难想象
they've been doing this for ages, where have you been?
@@AZ-rg3rf some of their columnists are pro-free trade
Under 6 million jobs since 2000 seems low
From the comments that you could see most Americans are smarter than WSJ 😂
Large companies want to get the advantages of selling in an advanced economy. They want to pay low wages and no taxes. The world economy will collapse under pure greed and corruption.
America is the world's biggest most powerful imperialist warmongering empire, but plays victims and blames it's own problems onto everybody else 😂😂😂😂
"We cant let China do this to us" Meanwhile... They are shipping all their jobs to China. -Thing is. They want tax breaks, economic incentives, bailouts, guarantees and exemptions from rules and regulations before they consider bringing jobs back to the US.
Get over yourself
When the dollar gets weak, it could mean tough times ahead economically. I'm thinking about how to protect my money from inflation. Lately, I've heard a lot about Bitcoin. With its halving finished and ETFs approved, many folks expect its value to shoot past $100k. I've got $300k saved up, and I'm tempted to invest now. But I'm worried: Is it too late to make the most profit?
It seems like there's potential, but caution is warranted. hence I will advice you get yourself a financial advisor that can provide you with entry and exit points
If you lack market knowledge, your best bet is to seek advice or support from a consultant or investing coach. Contacting a consultant may sound simple, but it's how I've managed to stay afloat in the market and increase my portfolio to roughly 65% since January. It is, in my opinion, the best way to get started in the industry right now.
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings
Vivian Jean Wilhelm is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Yellow Peril rhetoric…The WSJ has long devoted itself to agitating for a US, China confrontation, somewhat of an obsession.
That is on top of a war with Russia.
Most likely they get what they wishing for.
If China wasn't constantly threatening their neighbors with invasion, then such rhetoric would be unjustifiable. But right now China is basically foreshadowing plans to engage in Nazi style imperial conquests, complete with whole races of people in concentration camps to boot. You might want to research the Uighur Muslim's sometime. So the framing of this as yellow peril rhetoric is about as invalid as you could possibly get. You seriously need to do more research on what China is doing and foreshadowing.
There is a reason why Japan is significantly bolstering its military. And likewise India. The threat of China is very real.
Yeah nice try, "Kevin Jenner"
WSJ is affiliated with the MIC.
I'm going to now buy some more items from Temu.
Thank you WSJ
Greedy corporations
Capitalism
@@badbad-cat it's called greed it exists in every economic system including communism
@@norger not greed but profiteering. a pure capitalist characteristic
@@badbad-cat that's a lot of syllables for Greed again
@@norger what's capitalism without profiteering?
Does the public realize if outsourcing wasn’t don’t and all jobs stayed in the USA that the consumer would be paying several times more for a product made in the USA?
Yet we say we'll go to war against China if they invade Taiwan but still continue to buy products made in China
American products lasted way way longer.
@@frankgrabasse4642 and how was your standard of living back then?
@@huntebj Good paying union job. Gone now....
@@frankgrabasse4642Ask Boeing who is real U.S. product
100% tarrif on chinese cars which are substantionally cheaper than the US counter part lol
As someone who worked in the business consulting industry, I can affirm that more American jobs went to Asia than to people crossing the southern border…
Sure the Americans may have lost 7 million manufacturing jobs from the height of their manufacturing days.
But they gained 53 million service sector jobs
33 million of them higher paying jobs than their manufacturing jobs
So with more jobs, more higher paying jobs, and added saving from imported goods
did the average American Invest,save, or even throw that money under the mattress?????
No
they spent those added earnings, and then borrowed to spend some more
👇
The U.S. Lost 7 Million Manufacturing Jobs--And Added 33 Million Higher-Paying Service Jobs
It’s also nonsense. The truth is that America has lost some 7 million manufacturing jobs and added some 53 million jobs in services. This is just what happens with advanced economies-it’s easier to increase productivity in manufacturing than it is in services, this is the heart of Baumol’s Cost Disease. As it was easier to increase productivity in agriculture through mechanising it than it was in manufacturing. Thus, over time, the proportion of the workforce engaged in agriculture falls, so too does the proportion in manufacturing. And given that services (with a couple of small adjustments for mining, construction and utilities) is the name we give to all the rest of the economy therefore an increasing portion of the labour force ends up in services.
Further, of those 53 million new jobs some 62% of them were in higher paying occupations than those “high paying good jobs” in manufacturing we lost. Yes, really, 33 million higher paying jobs came along to replace those 7 million lost. Which does, when you look at those numbers properly, seem like rather a good deal.
Forbes
@@DW-op7ly buddy you’re preaching to the choir, I agree. It’s the negative spin that Republicans put saying illegal immigrants are stealing American jobs, they’re not lol
Those were the jobs that they couldn't outsource. There's a reason why white male middle aged men have been the second leading demographic for self-cancellation of their lives (we can'ts speak plainly any more thanks to our thoughtlords among the TAlking Class who have reserved certain words for themselves, the more better to control their meaning and use)
Companies oursourced the jobs to China. China didn't steal jobs because the Companies moved them there.
Lol... the auto industry "flourished" because of American protectionism. Also, the auto bailouts were conveniently unmentioned. This is one of the worst researched WSJ videos I've watched. If I wanted this level of reporting, I'd watch business insider
Worse researches lol no this is made that way on purpose. Can't have the masses blaming the corporate elites and politicians.
Guess who shipped our jobs overseas in the first place... *The Uniparty* . WSJ wasn't complaining about *that* at the time.
It looks like you've had too much to *think* - I would be careful, lest a Uniparty Thought Police Drone catch you committing wordcrimes against the System.
Wow
Imagine being so jealous of china exporting and trading
Usa jobs are reliant on creating issues with china😂😂😂
I am Chinese and now we are undergoing a painful economic restructuring, as our whole real estate industry is decimated and along with the massive industry that supports it. We face staggering unemployment rate among youth. We are getting sanctioned with unfair trade tariffs which is against the very notion of feee trade. We are denied of most advance technology and scientific cooperation at every turn. The only saving grace we have is that we have massive saving among citizens and most youth are supported by their parent. Since when did all mighty US become so fragile? I know your politicians and media wouldn’t care, but I just can’t shake off the thought of what would the great Lincoln say and do when he see this kind of media in American.
Sadly, the US goverment only cares about free trade if they are the ones winning the race.
It's a good thing Chinese imports kept the cost of living low for Americans because wages here have been pretty much stagnant for years.
We're living well not because we make enough money, but because Chinese people make so little.
Folks complain about this, and then love their mega cheap stuff at Walmart. It doesnt even make sense.
Instead of funding wor to profit few companies.
America could have given incentives for manufacturing
then companies will be lazy and start made bad products just like Boeing
Although the American people lost their jobs, the capitalists made a lot of money.
WSJ should ask why western countries outsource their production to low cost labour countries eg china. Secondly is the USA presently a friendly investable countries? Forcing Chinese companies to sell their companies in USA, using legislation ? Outsourcing to other countries , then using transfer pricing techniques. The list will be long.
Keep allowing companies to offshore and not tax them when they import products back to the US.
BYD will be putting Tesla out of business soon
They’re in denial. And fighting hard. But they know deep down that time’s up for western “domination” of these sectors.
Trump to the rescue
@@AlexMAGA2024 100% tariffs on BYD cars are still cheaper than Tesla comparable models. It's over.
This explains the waning of American middle class. Traditionally, manufacturing jobs were the great entries for young people to kickstart their careers. With these jobs gone, everyone scrambled to get a higher-ed degree - meaning we need to borrow student loans and enter the workforce later. Then, companies put up experience requirements that are unfair to newly grads. See the vicious cycle here fellas?
It's a deeper problem. When Executives decided to move those manufacturing jobs to China, the whole supply chain was destroyed with it. Good luck building those back...
Free trade is similar to natural evolution: if you can’t compete, it’s best to adapt and pursue something else. For example, if a product costs $10 to produce in the US but only $5 in China, adding tariffs to make the Chinese product cost $11 forces consumers in the US to pay higher prices. This protect inefficient companies or workers, but hurt all consumers and Chinese producers. The only true winner in this scenario is the US government, which collects additional revenue from the tariffs, while everyone else loses out.
Sorry, mr chinaman. The way your leaders pursue this with stealing and government support in order to drive out competitors to rule the market is NOT a natural evolution or competition.
Not necessarily. If all else is held equal, then yes. But China HEAVILY subsidizes certain industry. It’s not “fair” at that point.
But I agree, increased tariffs isn’t the solution because yes, we citizens pay a higher price.
A good example to your point is US ship building industry.
Everyone does not lose if a country like the USA imposes tariff walls against China. The workers who are employed in the corresponding US company will gain along with the companies that supplied to this company, marketing company, distribution company etc etc. They all gains. Consumers are also workers. If the consumers lose their jobs, how can they pay for their consumptions. The country also gains as its trade deficits will be lower.
This is the MBA nonsense. It doesn't factor geopolitics
3:20 how dare you not give Donald trump the credit for this. The media is just full of the fakest lies.
Some American lost jobs because their bosses moved the jobs to China, but some other American don’t want to take the jobs handed to them. I asked every cleaning lady in our company to clean my house for $25/hr cash. none of them want to do it. All of them have parties or want to rest on weekends. A new immigrant couple took the job for $20/hr/person. We have plenty painters in our factory. None of them even bother to come to give a quote for a pretty big painting job. I am not a supervisor, those coworkers all are friendly with me. I just assume people would want to make some extra money by working extra hours with all this inflation everywhere. No I am wrong. So why blame others when they took the jobs that you don’t want??
Now, low-end products such as furniture, clothes, shoes are moving to Vietnam, Indonesia; And high-end products like cars, home appliances, moved to Japan and South Korea. Still no return to the United States.
7000 views with 70 comments! That's all you need to know about this video. A huge waste of time. And, WSJ, if we're talking about USA vs China, I don't need another of your British speaking experts.
It is no wonder that China has developed so rapidly, since all developed countries invested in China, not just the U.S. If China learns from them and no longer needs Western companies, it will be better for the West. Investing in China is the same thing we did a long time ago. History repeats itself.
Manufacturing has experienced a prolonged decline, burdening Americans with increased workloads. Corporate greed has undermined support for the working class, leading to a struggle that has significantly impacted the middle class.
Profits over Americans. Politicians are to blame
Funny how the same Corporate bozos told us then that this was a good thing and that these workers should just "re-skill" and "re-train" but now AI is poised to serve the same medicine to the Talking Class that they once sold to the Working Class.
LOL What goes around comes around guise. LOL
Same thing is now happening to tech jobs, companies are laying off domestic labour in favor of offshore work force such as India
The decline of empires is never pretty and America is heading off of a cliff.
❤❤
US is still a rich country with plenty opportunity to go around. Just have to rid of the career politicians, the useless warhawks with delusion of grandeur and 19th century imperialist mentality syndrome, and put in someone who actually know how to run a modern economy, fix crimes, education and healthcare...
This is just the start. All the tech jobs now moved to India 🇮🇳 thanks to the leadership
Wow what a fake narrative 🙄.
Part of me wants the jobs back in America... and the other part just wants to move them to India and Vietnam so the costs drop lower and our prices as consumers go lower too.
It's my right as an American to buy a 10K car from China.
If the America automakers cannot compete, let them go out of business
The United States wants to invest funds in infrastructure construction. Infrastructure construction has nothing to do with manufacturing, cannot be replaced by foreign countries, and can create a large number of jobs.
But are there still workers in the United States who are willing to work hard to build houses, subways, high-speed rails, and roads?
So US consumers want cheaper prices. But those US consumers have been fired due to outsourcing to make cheaper products. What a conundrum 🤔
So the US created a labor aristocracy and the petty non aristocrats got left further and further behind and eventually couldn't afford the opiods necessary for the "american dream" What a "great America"
"We lied, we cheated, we stole" - Pompeo
The key beneficiary of high-value goods at low prices, such as EVs, drones and renewable energy systems is the US consumer. That some cheer on tariffs on these products entering the US marketplace is broadly reflective of the low levels of economic education in the USA. This is quite possibly the last nail in the coffin for America to stay the dominant economic power in the world. Once it shuts itself off, it will wither as it will no longer be able to compete globally.
Yes, why does the WSJ Talking Class hate cheap auto transport for American workers who they've starved and abused?
1:57 as someone who lived in Cedar Rapids from 2008-2014, I'm surprised to hear about this huge loss of manufacturing that apparently happened just before I got there.
Two things to consider in the past:
1. Unemployment wave hit Chinese workers at state-own companies just as hard when they first joined WTO;
2. Large US corporations that made massive amount of money from moving their manufacturing bases to China decided to park their profit in off-shore accounts rather than reinvest back into American people.
One thing to consider going into the future:
Implementing tariffs is only a temporary solution that will not improve US competitiveness in the long run
USA doesn't need to export goods. The only thing the US needs to do is export freshly printed US dollars, of which has worked beautifully for at least 50 years now.
Not anymore.
no tariffs. let the best companies win
Bottom line, US labor has no competing edge against foreign labor. California’s progressive politics made it far worse.
Nope . Usa created wars . China created everything else
It’s a reason why it’s cheaper to be made in China. No unions. Insurance. Entitled people.
China uses slaves. Are you saying people are entitled because they don't want to be a slave?
Blame your own American corporations for hating workers' union and wanted to outsource to China (which doesn't have workers' union) to abuse the Chinese's hardworking nature by having them work 996 and 997 schedules, equivalent to working 72 to 84 hours per week. Before America have workers' union, wasn't that the issue faced in America too? American business owners overworking American workers. The American govt pampered the head of corporations at the expense of the everyday Americans. Who can the American government blame other than themselves?
Costing American jobs? What the American govt is actually saying is that cheap China goods is costing profits of major American corporations. Since tariffs have been applied to China to protect American jobs and livelihood, cost of living and unemployment in America should come down right? So we can just wait and see. The outcome will tell if the American govt truly cares about the American masses.
"The executive of the modern state is nothing but a committee for managing the common affairs of the whole bourgeoisie."
Sometimes WSJ falls short on reporting. 1. the grocery store used was Whole Foods-not a great example of inflation hilling the masses maybe Safeway was a better option.. 2. Toyota builds cars where it sells them - so it's not specific to the US.
3. The 5.7M jobs went out of the US to improve companies bottom lines and it was detrimental to the US worker. The US Gov. helped this happen but didn't keep its word about retraining the work force.
American corporations have benefitted immensely from outsourcing to China. The American billionaires and millionaires increased 3-4x fold by using China as their factories. Even social marketing influencers are benefitting immensely from Chinese products.
America and Europe could've gone to Vietnam, India, Malaysia, Indonesia, Mexico, Brazil, and many African countries to manufacture their products in the 1980's-1990's, because labor wages and labor conditions were similar with China.
Why didn't they?
It was very obvious, China was committed to mass production at the greatest value money can buy. That means, they were willing to re-invest what they've earned into labor skillset, transportation infrastructure, and upgrading to a very efficient and effective manufacturing supply chain.
The US needs very critical reforms that has a balance of competitive manufacturing and service industries.
Like asking Nike to produce goods in the US😂, get a life. They will think you are ill
I would much rather have a 20k byd that goes 400mi than an 80k ford that does 250mi…
The "tip" economy in the US is getting out of hand causing higher sticker prices.
I realized that the secret to making a million is saving for a better investment. I always tell myself you don't need that new Maserati or that vacation just yet. That mindset helped me make more money investing. For example last year I invested 80k in stocks and made about $246k,but guess what? I put it all back and traded again and now I am rounding up close to a million
Thanks for continuing updates I'd rather trade the stock market as it's more profitable. I make an average of $42,500 per week even though I barely trade myself.
and you assume Americans still want to work in those factory jobs.
After "overcapacity" now "China Shock" ?
However, would Americans want to work 8 hours a day, six days a week, glueing plastic flowers for $2 per hour, as China does?
Chinese prices are also cheaper. 2 usd had the buying power of 14 rmb. And 14 rmb can get you the same stuff at a Chinese market as 14 usd can in a US market
在中国14人民币可以是一顿午餐，或者是4瓶可口可乐，3.5元一瓶，14RMB可以坐地铁逛遍整个城市
lol people already jobless and now you jack up the prices. American logic.
Which traitor put in all those orders with Chinese factories that make products as good or better than made in US?
China (and Asian in general) AI and Robotics btw is far superior. At least from the commercially available customer facing aspect. Not sure about the behind doors stuff.
Can you name 1 product in that sector that's superior to its US counterpart?
US is the leader in both AI & robotics and by a huge margin...
@@realharo Runway
@@djpuplex That's a US company (if you're talking about the video-generating AI)
@@realharo 美国 AI 主要在服务业，中国 AI 主要在制造业。你不知道，不意味着他们不存在。中国工业机器人密度，不但是数量是世界前三的。自己去查
The US teaches everyone in the world about "free trade without restrictions" and "democracy", yet the US itself does neither on its own territory) Beneficial for the US, yes!
Back then a few developed capitalist countries forced 'free trade' idea into the world so they can gain new export market in poor countries with zero opposing competition in manufacturing, and buy poor countries resources at dirt cheap rate to fuel their own economy. It's pretty much neocolonialism. Now they are reverting to protectionism and tariff when other countries had catched up and they cant compete.
toyota is making a huge new factory in shanghai that is solo owned. why? toyota is smart. they will build ev in china, for the world.
The graph at 2:49 shows a decline in American employment, ostensibly due to Chinese competition. What it doesn’t say is the fact that we went through a massive recession after the crash of 2008. That had nothing to do with China. are they counting on people not remembering that event?
China 🇨🇳 has an industrial overcapacity issue. This is a structural economic model issue that can only be fixed by a regime change.
Get out taiwan bot
Chinese gov relies too heavily on certain industries like manufacturing and real estate. They artifically prop up industries they like (even if it doesnt make strategic economic sense like overinvestment in manufacturing) and disrupt industries that displease them (even if they will strengthen their economy like tech / gaming aka tencent and retail aka alibaba). Alibaba was the amazon of china until founder Jack Ma angered the chinese gov. Now companies like Temu have taken charge and made things a race to the bottom in China where people barely make money from selling dirt cheap products.
@@AJ-jx5gmThe industries chosen by the Chinese government are fron their predatory behavior.