Corporate America sacrificed national interests in service of greed, and so did the U.S. government.
As we all know, the source of Corporate America’s unprecedented explosion in profits in the 21st century is the offshoring of manufacturing to China. If you doubt this, please study the chart below of corporate profits. Apologists claim many excuses in an attempt to evade the central role of offshoring production to China, but they all ring hollow: no, it wasn’t increasing productivity or automation or Federal Reserve magic, it was shipping production to China and other low-labor-cost nations.
Whether we like to admit it or not–mostly not–the American economy is entirely dependent on manufacturing in China. America’s short-sighted obsession with increasing profits to fund buybacks and golden parachutes for corporate insiders and vast fortunes for financiers has led to a dangerous dependency that has handed China tremendous leverage, which China is now starting to make use of. (And why not? Wouldn’t the U.S. start using the same leverage if it could?)
A long-time U.S. correspondent who prefers to remain anonymous for obvious reasons recently shared his experiences with parts shortages and price increases from previously reliable suppliers in China. Here is his account of the disruptive shift in the supply chain of essential parts from China to the U.S.
Thank you Bezos, thank you Walmart, thank you General Motors with you cheap Chinese built Buicks.
The same people (our “leaders.”…lol), who passed laws allowing Bezos and Gates and Buffett to pay
essentially pennies in taxes and now call for the rich to pay their “fair share” are the same ones who passed laws allowing China to dominate our economy.
They are NOT leaders. They are accomplices.
Hang them.
Begin the INEVITABLE second American Revolution. It may not do anything other than get rid of these “leaders” and their accomplices, but that would be a good start.
You have to get off your knees first and stop falling for all the fear they do their best to induce and promote.
So, did we ever find out where the OC 4th of July Company bought their fireworks????
(snicker snicker)