If you own a manufacturing or tech business, which you have outsourced to China or similar location, you did this because the employees there earn less - far less. This advantage is eroded by increased transportation and other costs, but there is still a major difference in employment costs.
American incomes are declining. Eventually they will decline to the point where it's attractive for you to bring your company's jobs back to America. The problem fixes itself in the long run. In the interim, selling your home, furniture, car and retirement savings to temporarily maintain your personal income at your desired standard is your choice to make, or not. I'd suggest living within your means.
Switzerland has chosen a different strategy. Due to import duties, they pay far more than Chinese prices to purchase Swiss-made products. They have full employment and earn far more than Americans, but their costs are far higher as well, so their actual standard of living is not as high as their incomes. Will this approach turn out better? Time will tell.
Some claim better educations will make Americans more productive, thus justifying better incomes. But others claim this is a socialist intrusion and government spending needs to be cut. If you want a better education you should get a first or second job to pay for it. Child labor laws do limit this solution to some extent.
Some claim spending money on restoring and improving national infrastructure will provide jobs for Americans and make American business more productive, thus justifying better incomes. But others claim this is a socialist intrusion and government spending needs to be cut. If you want better infrastructure, your company or others should build it and charge a toll.
Some claim we should greatly reduce our massive military spending and invest the savings in new investments, while others suggest we greatly increase military spending and live off the plunder we obtain by subjugating other nations.
All in all it's tough to go from the fools paradise of the past 28 years, living the high life on borrowed money, to becoming a more productive economy which generates rising incomes, in place of our current declining income.
AI
