From Rep. Bernie Sanders (VT)...
President George W. Bush has said, "There's a trade deficit. That's easy to resolve: People can buy more United States products if they're worried about the trade deficit."
President Bush's remark shows he's just as out of touch with the economic reality most Americans face. Apparently, the president hasn't visited a shopping mall or Wal-Mart lately. If he had, like the millions of Americans who flocked to our nation's stores this holiday season to buy toys, bicycles, computers, sneakers, clothes, telephones, cowboy boots (yes, Mr. President cowboy boots!), even artificial Christmas trees and decorations, he would surely know that an overwhelming majority of these products were made overseas, mostly in China.
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Amazingly, while the U.S. middle class declines, corporate America is helping make China the economic superpower of the 21st century. Not only is China rapidly becoming the manufacturing center of the world, it is quickly becoming the information technology hub as well. Andy Grove, the founder of Intel, predicted last year that the United States will lose the bulk of its information technology jobs to China and India over the next decade. These are some of the best paying jobs available.
John Chambers, the CEO of Cisco, was typical of many corporate leaders when he said: "China will become the IT center of the world, and we can have a healthy discussion about whether that's in 2020 or 2040. What we're trying to do is outline an entire strategy of becoming a Chinese company."
http://www.timesargus.com/apps/pbcs.dll/article?AID=/20050127/NEWS/501270357/1024