Morally, intellectually, and financially...
It's musical chairs with (good) jobs, and we're just waiting for the last entitled uber-dunces to realize they're next. At which point the underwear shall be mighty stained...
The Globalized *Free* Trade fantasy is now supported solely by non-stop talking and bullshit. Imbalanced trade could NEVER lead to a sustainable global economy. Overnight we got further proof of that obvious fact, as if we really needed it...It's musical chairs with (good) jobs, and we're just waiting for the last entitled uber-dunces to realize they're next. At which point the underwear shall be mighty stained...
Along with GDP, no other Chinese economic figure is viewed as suspiciously as the official unemployment rate, which hasn’t moved from 4% in years despite stock market upheavals, real estate boomlets and busts, and a dramatically slowing economy.
Fathom says its underemployment rate measures joblessness at 12.9% in China, triple its reading in 2012.
Why? Because $.80 per hour is now too high...
It's a race to the bottom:
BBG: June 6, 2016:
BBG: June 6, 2016:
"More than half of the members of the American Chamber of Commerce in China said the increase in costs was the biggest challenge to their businesses in the country, according to a 2016 Business Climate Survey. About a quarter of respondents said they have either already moved capacity out of China or are planning to do so."
Dongguan replaced 43,684 workers with robots in 2015, cutting costs at those factories by nearly 10 percent, according to the local government.
Lu Miao, a vice general manager of Lyric Robot in Guangdong’s Huizhou city, said the government pays as much as 50,000 yuan to Lyric’s customers for each robot they use to replace workers.
Lu Miao, a vice general manager of Lyric Robot in Guangdong’s Huizhou city, said the government pays as much as 50,000 yuan to Lyric’s customers for each robot they use to replace workers.
Henry Ford II: Walter, how are you going to get those robots to pay your union dues?