Robert Reich: Obama, China, and Wishful Thinking About American Jobs
President Obama says he wants to “rebalance” the economic relationship between China and the U.S. as part of his plan to restart the American jobs machine. “We cannot go back,” he said in September, “to an era where the Chinese . . . just are selling everything to us, we’re taking out a bunch of credit-card debt or home equity loans, but we’re not selling anything to them.” He hopes that hundreds of millions of Chinese consumers will make up for the inability of American consumers to return to debt-binge spending.
This is wishful thinking. True, the Chinese market is huge and growing fast. By 2009, China was second only to the U.S. in computer sales, with a larger proportion of first-time buyers. It already had more cell-phone users. And excluding SUVs, last year Chinese consumers bought as many cars as Americans (as recently as 2006, Americans bought twice as many).
Even as the U.S. government was bailing out General Motors and Chrysler, the two firms’ sales in China were soaring; GM’s sales there are almost 50% higher this year than last. Proctor & Gamble is so well-established in China that many Chinese think its products (such as green-tea-flavored Crest toothpaste) are Chinese brands. If the Chinese economy continues to grow at or near its current rate and the benefits of that growth trickle down to 1.3 billion Chinese consumers, the country would become the largest shopping bazaar in the history of the world. They’ll be driving over a billion cars and will be the world’s biggest purchasers of household electronics, clothing, appliances and almost everything else produced on the planet.
So this will mean millions of American export jobs, right? No.
Read the full post on Robert Reich’s blog
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geneo,
see how this cheny man is out there talking bad against obama. I said to you that clinton was swayed by cheny and here is prooving of that. reich is a clinton and cheny man. like all great people it looks like obama is doing good for the common man in spite of what people say about him in bad mean way. he is alone against the mean people.
art
In the accompanying picture of 4.5 ft. tall Robert Reicccch,
there appears to be a 65 ft. tall phallic symbol outside the window.
geneo,
that is to show that he is a dick cheny man. see how evident all these true facts are.
art
Arto,
Ray may find double entendre in your remark.
geneo,
Of course ray may see things that he should not. Because there are plane facts to show the truth facts. And the facts are all around. Many see them but most are blind. As many as are blind to the truth because of cheny medias. In places there are obama haters because they do not see the facts Shows you who controls the medias doesnt it. Now They want you to think obama is not good. LIKE they knew he made promises to the common man that he will do good for. Down home folks are beign helped by obama. BY this time next year there wil be MORE AND MORE that see the true facts.
art
By this time next year,
Dear Leader will have totally destroyed the country,
and it will not matter if people like him or not. He will have accomplished
everything he wanted. Destruction of the United States. Third World Status Achieved.
We will all be alike. All poor. All hating each other. All living off the government. China the world leader.
geneo,
Usual as always you are so so wrong. So many times you say bad about obama. And believe cheny media. Why do you ignore the true news. It would be of a big help to you. Lets Look at the true facts in a reasonable way. You are on the SWING of agaisnt obama way to much. That is what you miss. Once is bad but many times is real bad. That is what cheny has you doing. He has you all confused. Even gets clinton men to beliieve false facts. just look at how obama has done the RIGHT thing for the common man.
art
Some say the USA will swing to the right, as a result of all this Obamaradicalism.
If this radical health care bill in the Senate passes, it may take a long time for that to happen.
Your ‘common man’ is too good and forgiving to blame someone right off. They will have to be beat
around the ears and maybe even die to look back and blame Obamaradicalism. They are good people and not ready to be called racists and uncaring and greedy. . . . I don’t think 4.5 ft. tall Robert Reicccch has caught on yet. . . . I think 36-24-36 Sarah Palin has! There was a line around the block in Grand Rapids, Michigan last night to see her. Too bad she didn’t go to decaying-Detroit and see if the turnout might have been the same. Decaying-Detroit got a jump start and Obamaradicalism and is very far down the road to Third World Status. That is why I say it may take a long time. It hasn’t happened in decaying-Detroit yet.
after reading the comments thread
is it just coincidence
seems to be happening more and more that a right wing extremist get “on” a comment thread early….and often…with name calling, and generally vituperous comments that avoids analysis of numbers and facts, preferring adhominum attacks rather than a debate of ideas
getting past that…it seems that robert reich has offered a reasonable argument as to why president obamas stated objective of more two way trade, moving towards more balanced trade with china is not realistic and not going to happen in my lifetime
Hey Arto,
Over there at J.J’s, do they imitation turtle soup made from a calf’s head?
Oh, that is another thing one cannot do; critize Obamaradicalism.
Does a common man use the word, ‘vituperous’ ?
I don’t even think that it is a word.
mock turtlle,
you are thinking that the reich man from cheny has thigns to teach obama? you must not had payed attention to obamas promises and the large majoirty that voted him in. reich is just in the minority of the right winged radicals. you must think you have a short life line from the hand palm reading. did you not see how the asia peoples are loving obama because of the help he gives to the people. the china people have a lot to learn from obama as he is a president to the world
art