In fact, in a globally mobile and competitive labor market where the US is at the top of the cost curve, wage rates on the margin are set by the India Price for back office services and the China Price for goods. That's why IBM raised its job count in India from zero in 1993 to 130,000 at present, while cutting its domestic employment count from 150,000 to less than 90,000.Say what you want about the economic realities of cheap labor, there's still the amazing passivity of American corporations and politicians in dealing with foreign competition. If the answer is "Move thousands of U.S. factories to China and import millions of foreigners to drive down wages and steal jobs from Americans," could someone please tell me WTF the question was? Was the most creative response to our declining economic fortunes passive surrender? Did we have no other choice but to enrich and empower a communist dictatorship in Asia?
If American voters have come to think we're cursed with sellout corporations and politicians, where is the proof that they're wrong? Trumpism is about this. Unease and dismay. Is there someone out there with the gall to ascribe this to "mismanagement"?
 "Stockman Exposes "The Black Swan In Plain Sight" - Debt Out The Wazoo." By David Stockman, Zero Hedge, 11/7/17.