Loading ...The more money they spent the more money and jobs that left the country. Consumer spending is responsible for 70% of America’s decline in living standards and the national debt.
If importing houses from China and Vietnam was practical we would have seen that happen too. Sales and service absorbs money. Manufacturing creates money.
When we make a profit on something, we really didn’t “make money” we just “got money” from a fellow American. The foreign provider of the consumer products we sell or service created wealth and sold it, and “got money” from the USA.
Importing is fine if we export more than we import. And the data should not be defined in US dollars but defined in man hours. If we import a thousand hours of work for production and export a thousand hours of work that’s perfect. The various currency values causes the wrong impressions.
They can live on $3 a day and we need $200 a day so forget about dollars and switch to “man hours needed” to make sense.
As a shear guess using the man hour ratio, the USA probably imports 1,000 hours for ever 1 hour labor of exports.
Consumer Spending After 1970 Killed The Middle Class
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