- Paperback: 240 pages
- Publisher: Ideal Taxes Association; 1st edition (March 15, 2008)
- Language: English
- ISBN-10: 0929446054
- ISBN-13: 978-0929446059
- Product Dimensions: 8.5 x 6 x 0.6 inches
- Shipping Weight: 12 ounces (View shipping rates and policies)
- Average Customer Review: 1 customer review
- Amazon Best Sellers Rank: #2,949,436 in Books (See Top 100 in Books)
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Trading Away Our Future: How to Fix Our Government-Driven Trade Deficits and Faulty Tax System Before it's Too Late 1st Edition
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Title: It's not too late for stopping the sellout
By Jack Markowitz
FOR THE TRIBUNE-REVIEW
Sunday, March 16, 2008
It's all in the family to hate what's happening to the factories of America.
Three generations -- veteran Pittsburgh economist Raymond L. Richman and his son and grandson -- have issued a very tough book on U.S. "de-industrialization." And what our wimpy leaders in Washington and on Wall Street should do about it.
They argue that foreign countries, especially and most worryingly China, are practicing a form of dirty tricks in global trade. They scoop up the billions of dollars the consumers in our shopping aisles send over for their goods. But they don't import from us anything like a reasonable proportion. Now that would be fair. It's what "free trade" is supposed to imply.
Instead, they turn our buying sprees right around and plow the proceeds back into U.S. Treasury bonds and increasingly hefty shares in American businesses.
This keeps U.S. interest rates low, which is not an unmixed blessing. It discourages our own saving. We keep spending on the produce of their low-wage industries, so we've effectively helped wipe out 7 million U.S. manufacturing jobs. And that in turn widens the income gap here. As high-pay employment shrinks, the displaced factory hands have to compete for unskilled jobs. Result: more suppression of wages and benefits at the lower end.
And the U.S. government has aided and abetted this "dollar mercantilism" for nearly a quarter-century....
At a hale and hearty age 89, Raymond Richman is a retired professor at the University of Pittsburgh. Son Howard, 57, teaches economics on the Internet and grandson Jesse, 30, is a political scientist at Old Dominion University in Virginia.
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