Sunday, August 19, 2007
Still More on Scapegoating China
Now here is an opinion that is inflaming people. The commenter says:
I think people should be careful what they wish for on China. Ya know, if China were to revalue its currency or China is to start making say, toys that don’t have lead in them or food that isn’t poisonous, their costs of production are going to go up and that means prices at Wal-Mart here in the United States are going to go up too. So, I would say China is our greatest friend right now, they’re keeping prices low and they’re keeping the prices for mortgages low, too.This is exactly what I have been saying. Rich countries are offshoring their production to China precisely because they want China to make lots of cheap stuff. Indeed, this is propping up the US economy because so many Americans now depend on cheap Chinese goods. It’s exactly as I said before: if you want quality, you have to pay for it. But Americans don’t (and many can’t) pay for quality. Unfortunately, Erin Burnett is absolutely correct. By making poisonous food and toxic toys, China is helping the US economy stay afloat. That is the reality. Burnett is being attacked for merely pointing out the ugly truth.