While the Biden Administration is quick to point out its job growth record, we must do a deeper dive into reality. The most recent monthly report tells us that jobs were created primarily in the health care, government, service and retail sectors–NOT IN THE MANUFACTURING SECTOR. We continue to build our dependence on foreign suppliers for essential goods. China is our major import “partner” and that should scare you. While Trump was in office he said “it’s easy to win a trade war with China”. Well, maybe it is if your only business is developing and selling America’s land in a real estate business. But for the big picture and long term, America cannot grow if it continues to need foreign sources for lithium, computer chips, and other commodities. They must be anchored in our own factories. Watch for the next jobs report and ask yourself “why isn’t manufacturing mentioned?” The answer is our standard of living–wages and benefits- compared to the rest of the world is much higher. And with those expectations comes lower profits for American companies–so they “outsource”. Unless we find innovative ways to cut costs at-home, this trend will continue. The Chinese already hold at least 30% of all US Government debt. Imagine what would happen if China invaded Taiwan and cut of our supply of computer chips. Do you still think it’s “easy to win a trade war with China”?
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