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80 Million Manufacturing Jobs Lost
The title is shocking, but it could be a reality, to China. Light manufacturing, you know, the manufacturing that used to be in the United States, moved to Japan in the 70s and 80s and ultimately found a home in China. Well those jobs aren’t permanently there either. It turns out that China’s rising labor costs are creating an environment not conducive to maximized profitability for multi-national corporations.
(Reuters) – Rising labor costs will push over 80 million Chinese jobs in light manufacturing abroad over the next three to five years, with African nations well placed to lure many of them their way, the World Bank said.
China’s economic success and hunger for resources have helped boost African growth, but Ezekwesili cited a World Bank estimate that rising Chinese wages would lead to manufacturing firms going elsewhere, taking with them 83-85 million jobs.
“They are going to be looking to move — Africa is going to be an important destination for that,” she told Reuters in an interview, calling on African countries to “step up their game” to improve the business environment to lure jobs their way.
“It will not only be China. At some point it will be a number of the emerging economies. They will move on and some of their own areas of previous advantage will need to move,” she said on the margins of an AU summit in Equatorial Guinea.
Hold on a minute, why are manufacturing businesses going to leave China? WAGES? I thought it was regulation, taxes and an overbearing government that drove jobs away?
The conservatives have been telling the American people that if just deregulated, lowered taxes and just got the government out of the way of the free market all the jobs would come back to the U.S.A.
All along it has been Americans’ wages and free trade that drove the businesses away. I am so surprised nobody has been saying that. Of course I am being sarcastic; LIBERALS have always and consistently been the protector of Americans’ standard of living. Liberals have said, taxes are not the reason for the outsourcing of jobs, it’s free market, free traders and ultimately greedy corporate shareholders that are responsible for it.
If the conservatives want to talk about HOW EXCEPTIONAL America is this FOURTH OF JULY, they better also talk about the American EXCEPTIONAL standard of living that has been under assault by the corporations and conservative free market, free traders who shipped our jobs overseas in search for cheaper labor.
EIGHTY MILLION JOBS will be lost, let that sink in.
Africa will be our children’s “China” within the next generation if we don’t change our economic policies and stop listening to the lies from the GOP leaders.
The Republican Party has never defended middle class wages. As wages went down for many of us, the GOP’s solution wasn’t to increase our standard of living, it was to reduce taxes on the wealthy and they will voluntarily share their profits with the workers. How has that worked out for the rest of us, seeing that 88% of income growth went to corporate profits and only 1% went to workers since 2009?