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MrRodgers -> RE: Food for Thought - Moving Towards A Resource-Based Economy (3/16/2010 6:13:00 PM)
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quote:
ORIGINAL: Slavehandsome
Mr. Rodgers, if you had any idea of just how far along India has come, you'd spend less time armchair-quarterbacking and more time taking action. It may seem that everybody in India is still 'virtually living in the dirt', but what you fail to understand is that there are relative levels of 'living in the dirt'. You might look back on those 8-track tapes and say that anybody using those is 'living in the dirt', or that any military that uses old Soviet T-64 and T-72 models is an antiquated army 'living in the dirt'. The reality is, that the standard of living has shot way up in India, and they're creating a middle class that will soon replace the middle class in the U.S., since that's where a lot of the middle class jobs went to, when U.S. firms decided that the U.S. middle class was earning more than they should. Watch the Rupee climb as the U.S. dollar falls. Watch more U.S. firms employ Indian labor for pennies on the dollar. Watch more Indian-owned firms pop up and rise to the forefront of world markets, and when they do, don't expect them to hire a significant number of U.S. workers. I could go on.
Slavehandsome
There is no question that many more Indians have progressed but it is because their middle class and working class will make less and that the vast majority of Indians not a large minority...will continue to live in poverty, I've seen it.
Plus, most of Indian success is not because they themselves are creating wealth it is because they are replacing other foreign workers thus distributing more poverty. Demand still resides in the west and they are borrowing to consume while production has been moved to the peasantry of the east.
Let me know when India, China, Mexico and Viet Nam create middle classes anything like ours based on the consumption and production of their own products...not the production they take from other countries.
The US manufacturing middle-class wasn't created by taking other jobs and services from foreign workers.
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