Quote:
Originally Posted by vtec to vvel
https://www.cnn.com/2023/07/26/busin...ion/index.html
"Larry Summers, the former Obama and Clinton official, slammed parts of President Joe Biden’s economic agenda as “increasingly dangerous” this week, saying it could end up causing higher prices for Americans.
“I am profoundly concerned by the doctrine of manufacturing-centered economic nationalism that is increasingly put forth as a general principle to guide policy,” Summers said on Tuesday while speaking virtually at an event held by the Peterson Institute for International Economics."
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I talked about this before on here, you can restore American manufacturing and then we all pay higher costs to offset higher production costs incurred.
Unfortunately average peoples salaries have been declining since the 70s so since our purchasing power is eroded we notice increased manufacturing costs more (inflationary).
Or, we can make our sh1t in China, India, etc and have cheap goods that help people ignore/forget wages have not been increasing for the majority of Americans fairly for the last 50 years but that money has gone to the csuite, stock values and executive compensation at our expense.
You can’t have it both ways.