Dear Mmoy. Re: We have grown our population and economy for a certain level of demand and it isn't there. Other countries want to supply any demand that still remains and they want their residents to take demand-related jobs from us.
The “other countries” (take China as an example) are taking jobs from us because their low standard of living. Their population is demanding a better standard of living that represents an enormous increase in potential “demand”. (Even the USSR was forced to buy grain from us to feed its citizens.) The “demand” will soon come back. At the end our high “productivity” can make us competitive again.
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