The Life and Death of American Manufacturing I Anthony Scaramucci and Robert Lighthizer

[@therealanthonyscaramucci]

What do you think is the main issue facing the United States today?

[@SamSung-nf6tr]

This Is What Happened By Design: Don Regen, US TREASURER gave incentives to manufactures to move off shore to break the unions, lower wages. He also slashed education. It's easier to control the masses if they are stupid Watch: Professor C is a historian & expert in economics. kzbin.info/www/bejne/bafGXpSmnayohNUsi=vtcfASJSmz1yHzMe

[@SamSung-nf6tr]

By design Don Regen, US TREASURER gave incentives to manufactures to move off shore to break the unions & lower wages. Ron Reagan tried to disseminate the education department. He failed. He slashed it. Why? It's easier to control the masses if they are ignorant. It took 45 years. Their ultimate goal: return to the Gilded age. Watch Professor Roy Casagranda lectures on exclusion. AND N America. Middle East is good too.

[@707tcraig]

Wow, good get Anthony! Lighthizer may be, behind the scenes, the most influential person in the world regarding global trade.

[@rawfromnowhere]

IGNORANCE

[@birdstrikes]

Old Bad Ideas. Like this guy has.

[@Bagsn86]

CEO pay is 500 times of a wage earner compared to 50 times in the 50’s

[@vioreltandara7607]

CEOs and their cronies.

[@rl95719]

And they pay a lower effective tax rate.

[@ritapaepen6728]

It’s the big concerns, billionaires , Elon musk guys who get wealthy on low wages that they pay. They pay less taxes on there wealth than cleaning people…… humanity, morality is gone 😴

[@keithpalmer4547]

THAT is what is killing the middle class in the USA NOT free trade.

[@jacqdanieles]

Shush 🤫 ...billionaires in government are going to save us

[@adrianfoca865]

he said a lot but no mention of deregulation,low taxation on corporate,union busting,education defunding and Ronald Reagan

[@MidnightExpressMC]

💙👍👍

[@pohkeee]

I suspect a Horse & Sparrow…horseshit spreader with a side of deflection …the answer always was worker’s right worldwide…instead the wealth gaps grew across the WORLD…and the crazy times rise of populism WAS predicted! When the wealth gap gets unbearably UNFAIR…people get angry and revolt in counterintuitive ways that actually destroy the fabrics of society that IRONICALLY allowed for the prosperous period in the first place! Karma is a bitch..,and it wrecks the lives of the innocent too!🤬

[@terrymckenzie8786]

I paid $20 for jeans this year. I paid $20 for jeans in 1976. They would be $80 if made in America. There are benefits both ways. Preserving Jean factories in America would only preserve $9 an hour jobs.

[@malin5468]

I agree, but by moving jobs to a strategic rival-China-you are giving it the resources to build up its military. Outsourcing garment manufacturing or other low tech jobs is a good thing, since the workers will find better paying jobs, but allowing China to steal technology and export technological products to the USA has undermined the American middle class.

[@watchingover3592]

@@malin5468The jeans I bought today were made in Vietnam. Production will move to the country with the cheapest labor. Africa may be the next country for even cheaper cost for labor and manufacturing. If I design a product in the US I search for the lowest manufacturing cost over seas - and quality. Tariffs against certain countries won’t stop US companies from finding other countries with cheap manufacturers to in crease profits.

[@malin5468]

@@watchingover3592 True. My main objection to outsourcing depends on where something is outsourced from. China is a strategic competitor and has been building up its military since the 1980s. Outsourcing to China fuels their military build up. Outsourcing to Africa and other countries is not a bad thing, as long as workers are given the opportunity to retrain for higher tech jobs. I am no Luddite. The problem is American education. It focuses too little on technology. There are relatively few US colleges that focus on technology, whereas in China every province has multiple tech colleges and universities.

[@jacqdanieles]

That's fine & dandy when you're talking about jeans or t-shirts or towels or sheets. But that's not the extent of the damage, is it? Entire industries -- from pharmaceuticals to electronics to semiconductors to steel to software -- have been shipped offshore.

[@GlobalDrifter1000]

It’s apparent that he is a lawyer and not an economist

[@zoupcon6094]

yes

[@randyprice5392]

Regular people have been convinced their neighbors are their enemy. We focus our anger on the wrong people, while the capital investment market, stock exchange, and private equity firms are killing your country. Who has all the money? That’s the real enemy.

[@MidnightExpressMC]

👍👍

[@i_like_beer-o2f]

People should focus their anger and buy those investments then. Participate in the game and you'll win, complain about it and you lose

[@MidnightExpressMC]

@ Well, that is easier said than done because many do not have those resources. The irony is that folks like me and you, who have stock and bond portfolios up the Ying Yang, could possibly benefit from the chaos to come. Who knows…

[@randyprice5392]

@@i_like_beer-o2f haha! The discussion isn’t about participating in the market, its about the participants with resources who can manipulate the market. People that put justices on the court, have input to public policy, and fund political campaigns or have their own PACs. These are the people I’m talking about.

[@RonaldPetrin]

@@i_like_beer-o2fYou mean if you cant regulate greed just join in? Sell out?

[@uncleronstrixie]

Anthony, Robert missed Corporate Stock buy backs, this killed manufacturing, companies will do anything and I mean anything, to keep their Shareholders. Don’t get me wrong, I get why. However, this has become their sole focus for the past 40+ years. GM has left Cities devastated, running from the union and shareholder earnings, it’s how the CEO’s make almost all of their money. 20+ years ago, I was part of a bargaining team for a UAW local and our company spent millions, took us to several plants in the US that we owned and several plants in Germany and Brazil, basically threatening our plants potential closure. Their next tactic was EPA, then benefits, then O.T. rules, etc…… it went on for 11 months. Eventually, only after striking, we meet in agreement, but, the company wasted much more time and money than a 4 year contract cost them. It’s appalling and if it doesn’t change we will never get closer to our father’s standard of living again, if that’s even possible again. I’m retired and earn more than these young people trying to raise families, it’s disgusting. GREED IS A HORRIBLE DISEASE

[@stanchmielewski4737]

agree 100% everyone is talking about problems no one has solution "if that's even possible "

[@uncleronstrixie]

One thing I’m sure of is, burning down our government agencies, deporting productive tax paying people won’t help and along with placing widespread tariffs on countries we trade with, will hurt our economy and isn’t the answer. If my basement leaks, I’m not tearing my house down to repair the drain tile around the foundation. Our problems are now massive and have several factors involved. After this election, I’m seriously concerned for the future of our generations to follow. People of my generation have either done very well or struggled their entire lives. I’ve always had the mindset to make people’s lives better than mine and help make the world a better place for all. IDK, maybe I spent my energy in the wrong direction, but, I wasn’t born rich and never planned on being rich, just wanted to live a decent life retire with dignity and enjoy my last quarter of life. Until now, I’ve never worried about my future and that’s a horrible feeling at 61 yrs old. However, I will continue helping people!!

[@MidnightExpressMC]

👍👍

[@Martin-u5f]

The average wage here in Ireland is 25 euro per hour as a worker in coca cola, in McDonald's it's 13/14 euro per hour...what is the pay per hour in America for similar work. Just asking. As the rumours are that it's a lot lower pay. Over there..why!!!!@

[@uncleronstrixie]

@@Martin-u5f US Labor Department shows the average like $30 hour and federal minimum wage is $7.25 hour, but, some states have higher minimum wage rules.

[@sharonhearne5014]

Corporate greed…

[@bradsillasen1972]

Ultimately though, it's stock holder greed. "If I don't buy that high performing stock which rates low in social responsibility (CSR) stock someone else will and I'll lose out." The classic Tragedy of the Commons" inherent in diffuse responsibility.

[@ahappyimago]

Corporations are in business to make money.

[@sallyannesmith3607]

Corporate greed is running rampant. Raise their tax rate. Raise tax rates on people earning over one million. By the way, not everyone "cooks the books".

[@rickhelmer3619]

The reason that American manufacturing has disappeared is because Capitalism is always looking for somebody new to exploit. When Unions and Environmentalists made things too difficult and expensive to make things at Home, Corporations started looking elsewhere for a cheaper labour pool and less environmental restrictions . Firstly it was Japan then China etc. . For a while it worked great because we could buy all kinds of stuff more cheaply but since we weren't working we started to run out of money so we invented credit and bought another decade or two of false prosperity. Which brings us to today where the working class is broke, have no jobs and feel entitled to a decent way of life. The Corporate decision makers have made large profits and the Upper Class thinks things are great. I am a retired Canadian Union Electrician and worry daily for the future of Humanity especially with the result of your recent election! We are all in for a rough ride! BUCKLE UP !

[@thomasw2509]

Hi rick, thanks for your wise words.

[@MidnightExpressMC]

💙👍👍

[@aumnouepornbanluelap5720]

😂😂😂😂😂😂😂😂😂😂😂

[@singlechannelstuff8666]

Absolutely right, Buckle up!

[@vioreltandara7607]

good one thanks

[@23billd]

Unfortunately, neither political party is willing to stand up to the elites to fix this problem. Seems to me we're heading for a "Pitchforks" moment.

[@Satronaut-pw3ij]

Pay people what they are worth. Give workers a fair share of the wealth they are creating.

[@Maritime007]

You're right however to do that requires the rest of us to pay more for what we consume. Shareholders aren't going to absorb wage increases to the workforce. Those will get passed on to consumers.

[@Satronaut-pw3ij]

@@Maritime007 That always seems to be the reasoning behind not increasing wages and yet prices go up anyway. It comes down to greed at the top. If productivity of your workforce is going up then the wages of those workers who are being more productive should go up, it's not rocket science.

[@Satronaut-pw3ij]

@@Maritime007 If your business isn't capable of paying it's workers a wage that they can survive on then maybe that business isn't viable?

[@SusanHamilton80]

I love the grounded reality of this channel!!! *If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you..prevent inflation*

[@DavidLynch10]

I feel sympathy and empathy for our country, low income earners are suffering to survive, and I appreciate Wayne. You've helped my family with your advice. imagine investing $30,000 and receiving $95,460 after 28 days of trading.

[@KarenJohn-k8u]

Honestly, our government has no idea how people are suffering these days. I feel sorry for disabled people who don't get the help they deserve. All thanks to Mr Michael Wayne, imagine investing $1000 and receiving $5700 in a few days..

[@AaronHarry-x1y]

I'm in a similar situation where should I look to increase income? Do you have any advice? What did you do? Thank you

[@Benjaminfreedman-l6r]

I will recommend. Michael Wayne . Investing Services. to you. He is good at what he does.

[@Robert160-n5d]

Did someone just mention Mr Wayne!? Damn! You just made my day; what a coincidence.. I've worked with him for over 2years and I can tell how good he is

[@stephencurry8552]

Fact is, the economy was once almost all agriculture. Morphed into the opposite. During the Regain era, wages shifted to not simply the one per cent. The largest increases go to the one tenth of the one percent. Wages for the ninety-nine per cent have been trending downward since Reagan. Republicans only support the one-tenth of the one per cent. Which is why anyone not worth multiples of millions is voting against their own interests.

[@MidnightExpressMC]

👍👍

[@bjrnhjjakobsen2174]

Where does the mass deportations fit in?

[@GlobalDrifter1000]

Wages are low in non-union jobs.

[@DarkXcb]

The US will survival or die on the strength and the prosperity of its middle class that is slowly disappearing invisibly in American to day

[@gordondyer4587]

Use your brains, educate your population, encourage smarter industries that need educated people. Re- shoring low paying industries is exceedingly dumb, but needs a poorly educated population to support it.

[@prancer1803]

That’s a really good point

[@gstewartjr]

I buy steel with inflated prices due to tariffs. My China competition does not. I pay 25% above min wage in CA. My China competition does not. I pay UPS/USPS/FedEx shipping...and my China competition pays less to ship from China to USA than I do USA to USA.

[@prancer1803]

Remove all the tariffs then

[@betheneytroyer1156]

I hope that everyone who naively imagines project 2025 is a great project,…….listens and discusses the trail of tears that were initiated during the 80’s -“Voodoo Economics ‘ and continue to be doubled down year in year out. This was one of the best podcasts I’ve heard on this subject. Keep,up the good work.

[@bellascharfenstein]

american corporates went off shore (to asian countries as well as mexico) to manufacture their goods because labour was cheap there and they could make more profit selling their products back into the states and the rest of the world. american jobs disappeared as this happened, but everyone was keen to buy the cheap goods. also, there have been vast improvements in factory mechanisation that has reduced the need for labour, and this will continue as robots are introduced more and more. there are many factors at play here - BEYOND 'free trade' which you fail to define.

[@zoupcon6094]

two words. comparative advantage.

[@FactbasedReality0421]

Agree-while the statements made about the decline of manufacturing jobs, the reality is "free trade" antagonist think the jobs for steel and auto would still be here if we "protected" them. Maybe some would, but the cost would crater the economy and we would all pay $100,000 for a car and $3000 for a 27" tube tv. meanwhile, our gdp is still growing, we rule in technology. So do we want to protect the antiquated steel market in the US or continue to grow around innovation?

[@AlGrant-bh9or]

​@@FactbasedReality0421good points.

[@zoupcon6094]

​@@FactbasedReality0421 yes, and you make the most important point: likely the protected products/industries would not be competitive (if they'd survive anyway). the incoming administration's spate of ideologues talk out of both sides of their mouths, enjoining less government involvement, but then proposing policies that represent a crude and uncoordinated thumb on the scales. not enough is done to highlight the industries that ARE world-leading in the USA and why this is the case. personally, with the intellectual culture of the USA and the attendant failure in education (and i don't mean bible education), really only our elites have a chance of competing on the world stage. and that competition is never going to stop.

[@hawleygriffin1800]

Average manufacturing in China $12,000 per year. Average manufacturing wage in the U.S. $34,000 per year. This is why, as David Letterman so pointedly noted live on the air, when Trump gave him a Donald Trump necktie, that Trump has his neckties made in China instead of the U.S.

[@zoupcon6094]

@@hawleygriffin1800 BINGO

[@davidallen4472]

Problem-solving begins with a clear definition of the problem and a list of all the potential causes. Ignoring Professor Milton Friedman, the godfather of outsourcing manufacturing to Asia, ignores a primary cause of the income inequality between hourly workers and senior management. Today, the average S&P 500 CEO makes more than 350 times the average annual income of their company's hourly workers. In the 1960s, the average pay for CEOs was less than 30 times the average annual income for hourly workers, before Friedman taught a generation of senior executives that corporations should be managed for the sole benefit of shareholders and, therefore, employees are nothing more than an expense (not an asset) to be cut whenever possible. Lighthizer's tariffs might increase manufacturing jobs in the US. However, paying factory workers a fraction of the $162,000 average starting salary for this year's graduates of Columbia Business School is unlikely to change the anger and frustration of Americans who have bought the slogan "Make America Great Again."

[@ChrisARTINI]

In Australia if you work in MacDonald you will get $23 hours also you get penalty rate on Saturday and Sunday, in America if you work in MacDonald you get $11 hour

[@orangeofmars2835]

Interesting very generalized summary. I need the how and the why. None of that here. There seems to me to not be the complete general picture here. The major loss of Union and Manufacturing Jobs really started in the Reagan Administration. Manufacturing jobs peaked in 1979 at 19,426.000 and dropped to 17,048,000 by 1985. From there they were pretty flat to 2000 where they were at 17,263,000. They dropped dramatically during the Bush/Cheney years down to 11,528,000 by 2010. I recall this drop clearly. I understand it was mostly due to free trade policies and views of the Bush/Cheney Republicans at the time. Clinton can be blamed too though he was, and is still, a union President. He was just free trade since that was the Nation's push at the time in policies started by Reagan. It was back up somewhat during the Obama recovery from the Bush years to 12,817,000 by 2019. Then another drop in 2020 due to Covid and Trump economic decisions relative to Covid which were drastic. There was another increase during the Biden years to 12,940 in 2023. They are still increasing due to Biden policies and many are new technology type jobs that Trump is against. I see Pres. Biden as the best Union President since FDR and Truman. Unfortunately Pres. Biden has become way too old. If he was still 70 he would have won easily. So, that is where we are at.

[@rb239rtr]

the big drop also had a lot to do with robotics which was being implemented at that time

[@bearcamping600]

I agree with Lighthizer for that we should take care of our own people and national security by building up our manufacturing.

[@coreyham3753]

Manufacturing primarily left the USA because it was much cheaper to manufacture in other countries. Wages and benefit costs were much less, and less to no costly regulations such as pollution, safety, etc. The net result was much less costly goods in many areas which is what american consumers wanted. American consumers cannot have it both ways .... high wages and benefits vs. low products costs.

[@jeffreyjohnson7359]

Almost every economist agrees that trade restrictions are bad and free trade is good. In fact, it's so beneficial that it is better to remove all of our restrictions even if other countries are protectionist.

[@crawkn]

Trade is not unique, there are many things which are good in moderation and harmful in the indiscriminate extremes. But lost manufacturing infrastructure and skillsets didn't disappear overnight, and they won't regenerate overnight. If you have forgotten how to farm, you don't solve the self-sufficiency problem by refusing to buy food before you have even planted a crop. We need a transition, not another abrupt supply shock.

[@adrianfoca865]

Get Bernie sanders on….screw this goof ball doing word salad here

[@jenniferamyx78]

Trade deficits per se are not a problem. If a country has no oil, for ex, theyMUST import oil and there is nothing wrong with that. It is necessary to have a deficit for that country vis-a-vis the oil provider. This criticism of free trade is a very old argument. Has been debated and taught for decades. The US dominates in areas like financial services and the service sector generally. The economy is not just about manufacturing.

[@catbb1000]

True but the service industry doesn't provide the wages a factory would with a Union. I experienced it. Lost my union job in '99. It took me 7 years to find a comparable paying job in service. I lost it in '09. As for benefits, no jobs benefits compared to the Union ones.

[@sallyanneofner3954]

Robert Lighthizer ignores the effect of the oil chrisis which destroyed a lot of manufacturing economics in the seventies, extending through the 80’s, plus the effect of automation largely focused on hourly work and the saturation of the US markets, and the opening of them I. Asia, particularly China in the 90’s. It’s not simple.

[@williambull2656]

He's right. Spot on.

[@Dkamenev]

I don't understand the fixation on manufacturing jobs. 30 years ago when we just migrated, my mom had to worked in a textile factory, it really sucked, the work was terrible, the payment was miserable. I'm kinda happy that people around me now days don't have to go through it to survive.

[@MidnightExpressMC]

Instead, they deliver groceries and restaurant food

[@Dkamenev]

@MidnightExpressMC yes, thankfully I don't need to do either. But given the choice, I would rather be working in the servicing sector than manufacturing anyday. And I would rather have pollutioing industries located somewhere in China then near my home. The only industry I need in my country is defence.

[@MidnightExpressMC]

@ I don’t have to do either either. But I would rather have a skilled or semi-skilled manufacturing job paying a higher wage if forced to be in that position, than being in the cutthroat business of delivering stuff for people, hustling against the millions of others, pointing their phones in direction of the next front door for measly pay and measly scraps for tips while they wear down their cars and themselves in an ever lopsided struggle to make ends meet, with no union representation to even out the power dynamic vis-à-vis the giant corporations. And in regards to having the defense industry only, how are you going to defend against the behemoth who applies unfair trade and other predatory practices , heavily subsidizes their own industry while copying your inventions while you, as a country, don’t make didly? If push comes to shove, and there really is an all out trade war, how are you rapidly going to switch to make all the widgets here? Launch missiles at them?

[@Dkamenev]

@@MidnightExpressMC @MidnightExpressMC if a person is willing to learn a skill, there are way better options than manufacturing. Really almost anything that requires a skill would be better. As for how to fight against countries that subsidise their all industries. Well, I would argue that there is no need to fight them. If some country is stupid enough to pay so I get cheaper products, while they need to deal with the pollution and all the downside of maintaining an industry. Well they are most welcome to do it. As for you saying "if a full trade war starts" my answer would be, don't start it, and if you do, we'll it will be bad anyway. You play stupid games you win stupid prizes.

[@ArminioIndustries]

The Bretton Woods conference, resulting in "the Marshall plan" is the beginning of the end of American industry.

[@mysteriousMatchStick]

The US needs to work on costs and development of skilled labor. In manufacturing the lowest costs wins. If you block lower cost products your economy becomes inefficient and countries with lower costs grow faster. For healthcare the European model of healthcare seems to be the most cost efficient. US labor needs to work developing higher levels of skills either technical or tradesman level. US imports way too many tech workers from other parts of the world and brings in too many trades level workers from immigration. The claim is that these skills aren't available from the US labor force which might be true but it shouldn't be true.

[@sincity147]

I disagree with everything that Robert Lighthizer said, his opinions and conclusions are way distorted from economics.

[@SamSung-nf6tr]

Invite Professor C on your show. He's in Texas.

[@jbconno]

Isnt this capitalism in action ? The "market" decides.

[@MidnightExpressMC]

The market decided that people should be virtually destitute working full-time, so the market must be right…

[@satnav0961]

You guys impressed neo liberalism on the whole of the west. Reagan onwards. It's easy to say in hindsight... but it was fairly obvious at the time that this was a Conservative policy aimed at making the rich richer at the expense of all the rest. Its been a total success in achieving a massive redistribution of wealth to the top few. 👏

[@cloudpoint0]

The offshored jobs were jobs that America stole from other countries while those countries were developing from primitive conditions or rebuilding from wars. The jobs merely went home. America lost them because it has kept an 18th century laissez-faire economic system instead of evolving to a modern mixed social economic system that attracts companies with good jobs.

[@ChopBassMan]

No mention of corporate off-shoring of American production and employment???

[@terrymckenzie8786]

Instead of giving tax breaks, or whatever are given to corporations, give extra hourly pay to workers. If a MacDonald worker is making $12 an hour, subsidize his pay $10 an hour. No other breaks for companies

[@rb239rtr]

A way to do part of this is to lower sales taxes, fees, state and federal income taxes, much lower cost health insurance, better transit, and raise taxes for people with the ability to pay.

[@staticklingon1469]

The manufacturing that does come back to the US is not going to look like the manufacturing that left. Instead of a factory full of workers it is going to be machines and a handful of software and mechanical engineers. Tell your kids to learn AI.

[@prancer1803]

When Mr Trump says ‘bring back manufacturing’ What he really means is ‘bring back manufacturing jobs’ not necessarily manufacturing output And what he actually means is ‘manufacturing jobs of the 1970s’ before all the computers and automation we have today. Factories full of 1960s/1970s era manufacturing jobs… even if those same jobs don’t exist or wouldn’t exist today.

[@Dudefromnh]

I remember the Bush Sr campaign against Dukakis. He got hammered by NOT being free trade and anti-nafti. Clinton became pro free trade as a result. Democrats predicted the hollowing of manufacturing. I worked in the semi conductor manufacturing industry in the 90s. They left to the far east. I stayed at the time we a a nation are going to lose the knowledge of producing. Can't help that the general populace needs Soma to get through the day and votes based on a 5 dollar foot long costing more.

[@mvc9871]

More guests like this, please

[@KayleenPaterson]

Hi from n.z. from 🌿 here it seems a darn shame there is so much hating on others who are different from oneself. It doesn't shouldn't be like that. How boring a world where we all look the same think the same. Hope you're all well. Have a lovely Christmas and good luck 🤞 guys. A kinzinger crockett and mooch fan.❤ciao kayl XOXO 😢

[@KingGreen78]

That guy just spent 6 minutes of saying nothing

[@JenniferJohnson-m8d]

Thanks for the analysis! A bit off-topic, but I wanted to ask: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?

[@biswajitbhattavharjya2115]

USA not only depends on you.

[@judewarner1536]

Its NOT FREE TRADE that's the problem; its the 50 year export of manufacturing itself by corporations for the sake of higher profits. PROFITS COME FROM SELLING GOODS, NO MATTER WHERE THEY ARE MADE. THE CHEAPER THE MANUFACTURE ABROAD, THE HIGHER THE PROFITS AT HOME.

[@scottthomasen8978]

Tell this guy to read the comparative advantage chapter in econ 101.

[@debrasmith4675]

The CEOs shipped out American manufacturing jobs when clever MBAs decided that there was more profit in selling manufacturing overseas. Thos MBAs decided that the economy would turn to financial and service industries. I got a skill trade at GM long before I got an MBA. The USA taught Japan how to make cars with newer more modern techniques.

[@KadiddlehopperClem]

Funny he skipped Reagonomics and many of his policies that led to what we have today. He also gave Wall Street a pass. Wall Street was the driving force behind outsourcing!!

[@cfountain72]

What about education? Asian countries were poor, but they certainly seem to have superior primary school education, which (when added to hard work) gets you a very good work force.

[@waichui2988]

Free trade is not the problem. Wall Street thinking is the problem. Good profit is not enough. Profit growth forever is necessary. Long term profit is not good enough. Quarter profit is paramount. Once you have this kind of thinking, you will ruin all companies.

[@jamesmorton7881]

Globalism. Unrestrained government spending. Resulting in INFLATION. But not wages only profits. ❤❤

[@michaelboguski4743]

He never mentions Capitalism of Equities speculation, i.e., the Stock Market. Profits go up when Labor costs are cheapest, and that's in the Developing Countries. Why would anyone drive Mega-Container Ships across Oceans if they weren't profiting ? Why would anyone drive Mega-Oil Tankers across Oceans if they weren't profiting ? Why would anyone spend a Trillion dollars a year on Military Muscle if they didn't need that much Protection (Insurance) for all that Global Economic Profit ?

[@davidcarr2216]

It wasn't all because of bad policy. Automation took out lots of manufacturing jobs but didn't necessarily reduce output. and Reagan was no pal of the unions.

[@timtowers7997]

Low paid workers pay little tax, which means less for public services, and they have less disposable income which means they can not afford to buy consumer goods and services, thereby not fueling the economy.

[@tps178]

Lighthizer misses the biggest reason for this. It is not about the workers, it’s that Americans are by far, by exponential margins, the biggest consumers on the planet. Make it and Americans will buy it, make it cheaper and Americans will buy it whether they want it or need it. This drive, this insatiable consumer, demands ever lower prices. Consume, consume, consume. Pair this with a desire of the demand of Wall Street to always be showing “growth”, growth is king and you have a recipe for disaster. Companies want to pump product into the market to meet demand, but they must show increasing margins and profits while still selling to a consumer who wants lower prices every year. The result is a drive to lower wages and manufacturing costs to feed the beast. Guess where you go to cut costs, a country where people can and will work for $.50-$1 an hour. Now you can offer low prices, no need to worry about health insurance or FICA taxes, no pesky. workplace safety rules and nice big fat compensation packages and awesome ROI for investors. The workers? Fuck em. Let’s write it into the Constitution. The FWA, The Fuck the Workers Amendment.

[@nicholasarrow2443]

A very successful economic policy, at enriching the plutocrats who've owned the US government since about 1980.

[@jamesnasmith984]

The corporate class moved production off-shore. A representative government should have taxed the returning imports to finance new job development. eg alternative energy. Not done; bottom lines more important than a great America.

[@walterrwrush]

The problem was free trading with low wage large countries that could take out your manufacturing were as japan didn't have the capacity but china did if it was just equal s

[@earllsimmins9373]

We have to adjust to a changing reality. Soon AI will do the thinking and robots the heavy lifting. A world where humans are useless..

[@walterrwrush]

The problem was free trading with low wage large countries that could take out your manufacturing were as japan didn't have the capacity but china did if it was a more developed economy it would of be fine ..

[@Snowboardjedi892]

We all cook the books, Bob? You sound perfect for the Trump administration.

[@adenyussuf5344]

"Doqoni kufacday meel looga iimadeena mataaqan" it's a Somali proverb ask Somalis to translate

[@HEADLINEZOO]

Morrison didn’t give himself a chance to grow up, mature l, mellow and slay his demons. He wasn’t the only disturbed entertainer.

[@rabukan5842]

Yes, Republicans contributed more to the decline than Democrats, but both parties are part of the blame. But, it was Reagan and Republicans who got rid of corporate/worker pensions and shifted the whole workforce into 401K's, which is a great tragedy in the history of worker value. Now, workers are responsible for their own pensions when most have no idea how to manage portfolio's and where wages are so low that workers have little to contribute to their retirement. For example, there are caps for how much a worker can contribute each year to IRA's. Mine is $8,000/year. To think that $8,000/year of a contribution will accumulate to enough to retire on is ludicrous. Yet, that is the system these politicians built without any concern for the workers, and every concern for making sure corporations did not have to help their employees retire in dignity.

[@rainersans3115]

No, the reason you have a trade defecit is that your Dollar is overvalued, lika a magnet to developing countries as well your so called middle class will buy anything cheap....Tariffs will simply add inflation and not fix the employment problem since global entoities will find low cost and low tariff locations to get product into the US

[@wessels1980]

Jimmy Goldsmith pointed this out in his book "The Trap" published in 1994 and described the impact these trade agreements would have much more eloquently in his interview with Charlie Rose linked below. kzbin.info/www/bejne/rajQgJ6XgM1mY9U

[@MidnightExpressMC]

Ross Perot pointed it out sooner.

[@HarryYouKnowWho]

At the current disparity of wages across borders, it is difficult to keep the manufacturing jobs in high wage countries. In order to boost income, people needs to move from labor intensive manufacturing job to service and finance. How can an American worker receiving multi-thousand dollars a month compete with a Nigerian worker who is paid 30 USD per month and doing the same factory work. If you want globalization, you need to face this reality. Otherwise, go back to the good old closed-door living environment.

[@martinheidegger517]

Blame Reagan.

[@upstateNYfinest]

Im sorry, he makes a claim @3:10 about free trade not working and then doesnt explain further.

[@dougoneill7266]

I can't think of a single reason why a European would buy an American made car, for example.

[@currypablo]

This guy is moron. Bring on an economist, not some dumb lawyer. Trade deficits don't mean you're losing in any way. Free trade creates more jobs in the long run. Many American manufacturers also automated their processes, hence requiring fewer workers. The United States manufacturers more products now than it did 50 years. It does it with less workers and more machines.

[@prancer1803]

Bravo

[@TheRaferaf]

Bla bla. Corporate greed

[@cygnevara8400]

offshoring didnt help, at all. you have companies like ford moving manufacturing to mexico; its "easier" for american companies to move their factories to places like kenya where laborers are paid $2 and hour. then you have company in CA (forgetting name right now), hit all time highs to the tune of billions...laid off over 200 people out there in silicon valley.

[@MrWillSolly]

That was dull. That guy is blaming the world because Americans didn’t/don’t want to compete in a free (not always fair on both sides) market.

[@andrewchin2626]

A true shark in the pool.

[@alyablonsky7059]

The "Mooch" is coming around to becoming Bernie Sanders!

[@danmccann3409]

Increased global trade leading to low prices for Americans coupled with a boom in US technology that continues to dominate the world is not a "history of failed economic policy". Also, the type of protectionism this guy believes in has NEVER and will never lead to increased GDP for any country. You can probably find numerous Nobel Laureates in economics to explain this. Perhaps, that should be your next show.

[@jeffsmith7369]

This guy talks about all the symptoms by not the cause. It goes back to Reagan and the religious like belief that the market will solve every individuals needs and that there was no such thing as a society.

[@professorakiba434]

The problem with killing free trade is you've created a north american market over 40 years. To go the other way will create a Great Depression because in dissolving the system there will not be prosperity because you have to rebuild from the ruins. Takes time. Sorry welcome to being extremely poor.

[@thepimpernel6971]

Listen to the guy ? Tax the worker so Corporations can pay people like him multi millions. Fuck him. We are not losing millions of jobs ? WTF r u doing Mooch ?

[@phoarey]

The competitive advantage of nations: "Ultimately, nations succeed in particular industries because their home environment is the most forward-looking, dynamic, and challenging". Porter (1990). U.S. America's manufacturing apart from space, military, computer design, AI and medical is not competitive I suppose. By contrast, Australia gave up manufacturing low value goods and is a free trader in industries with comparative advantage: high volume minerals and energy, high volume and some boutigue agricultural prroducts, higher education and advanced medical technology. These exports fund imports of East Asian and South East Asian manufactures. It seems that U.S. America manufacturing should be subjected to global competition for rational resource allocation. Exceptions could be critical supply chain goods as revealed by the pandemic.

[@paulandriessen489]

THE WAGES ARE LOW IN CHINA! MAKE IT IN AMERICA AND IT IS MORE EXPENSIVE