John Stossel waves goodbye to manufacturing jobs on Cavuto - 2005.11.13

[darthvader5300]

The jobs that were lost should have been avoided by fair trade policies while adding it to the new jobs that were created but these new jobs are not indefinitely sustainable because they are dependent on the old jobs that should have been lost and these are hard industries-based jobs.

[darthvader5300]

As a Russian, Stossel is a Trojan Horse reporter. He reports on things that are true but when the audience is already hooked and he has gained popularity, then that's the time he will show his true colors. All people has secret agendas to promote and his Trojan Horse tactic is one of many tactics and strategies used by public figures to gain an accepting and guillable audience that has been gradually dumbed down since 1959 so as to become easy prey for such characters like Stossels and his kind.

[darthvader5300]

Outsourcing = unemployment = lower to disappearing tax base = dependency on unsustainable service jobs = unsustainable middle class base = lost prosperity and lost jobs skills, jobs knowledge, jobs experiences = lost of a real economic base which is the brick & mortar-based physical economy w/c is essentially physical & manufacturing by nature based on science-driven industries, both old & new. Service jobs follows outsourced manufacturing jobs which lays off service jobs like lawyers, doctors

[rustyoneone]

hahaha slip at 1:21 his bosses must have been pissed off at that one. lol

[MsZeitgeist85]

How the hell can anyone as stupid as John Stossel have their own show?

[assassinsrock]

I don't usually agree with john stossel but this time he hit the nail on the head, on a global scale, nobody really loses from US manufacturing jobs being emigrated. Of course workers will be laid of, but in the long term, all involved will prosper greatly

[redbluequad]

@assassinsrock But not good for America, which is what Stossel claimed. The FED is now getting ready for QE2 and will be firing up the printing presses! Sounds like outsourcing good paying jobs and tech has paid off well for USA. American corporations have sold the family jewels to China and future generations in USA will be paying the price for this. By agreeing with this viewpoint you obviously are clueless - unless you live in another country that benefitted from this arrangement.

[jubeikiba6]

@redbluequad as long as our government doesn't piss off china then it won't be a problem. but you have to realize that if they stop shipping over cheap goods for us to buy they make no money. they are only hurting themselves. plus if they do stop that opens up a section of the market and something new will step in to fill the void. you act as if we will just sit around and wait for death. in the end the companys producing in foreign countries are owned by people in the US.

[jubeikiba6]

@redbluequad and things honestly just work out better when government stays out of it.

[daPlumber702]

@redbluequad "quantitative easing" can be blamed on things like social security, Obama's health care, "stimulus packages" bail outs of companies like GM, Unions, The Public School System... and everything else the government spends our money(sorry half of the countries money) on that they have absolutely no right to. Don't let yourself get distracted when looking at things, the jobs that have left are mostly worse than fast food jobs, and lower paying. Here they would be done with machines.

[bostonbest0407]

John Stossel is a mouthpiece for the corporations. I can tell he's a bullshitter just by the look in his eyes.

[pilate10]

Are these service jobs paying the same kind of wages that the lost manufacturing jobs were paying? If so, great, but is that the case?

[netster007z]

Stossel's absolutely right. Free markets create the greatest prosperity.

[redbluequad]

You obviously don't understand what's happened in the world. Because of their huge populations China and India offer extremely low labor rates the West can't compete with. So the manufacturing jobs are outsourced. Now Research and Development labs are following the Manufacturing jobs overseas. So in effect the West is giving away it's technology to the East in exchange for cheap products. What does the US have to show for it? $13 trillion public debt excl. unfunded liabilities.

[redbluequad]

How's that for prosperity?! It is Asia and the East that has prospered from this alliance, not the US. People like Stossel are too stupid / naive to realize it.

[Hashishin13]

@redbluequad So your saying that we get to give people ideas and they give us actual stuff, and this is a bad thing?

The public debt has nothing, or very little, to do with outsourcing jobs.

I would suggest reading spyletu for a good counter argument.

[redbluequad]

@Hashishin13 INCORRECT. Outsourcing = low paying private sector service jobs in USA. Service = Servitude = Servant. Government creates higher paying jobs to offset low paying private sector service jobs. More people lose work because of Private Sector Jobs going Offshore.

[netster007z]

@redbluequad

Oh ya got me. I guess you're right. Teachers, doctors, coaches, nurses, are all just servants.

[redbluequad]

UE rises and more people work for USA government. Departments created (Energy Department). Who pays for Government jobs? Private sector and Public sector Taxes. You cannot work for $50,000 and then pay $10,000 taxes to justify your $50,000 burden on the system. Sooner than later this imbalance catches on and the debt just grows and grows.

[93msinclair]

@redbluequad

Germany and Japan both have trade surplusses with China yet both have higher wages than the US. Competitively low regulations and taxes also play a major role.

[redbluequad]

@netster007z Great prosperity?? Where do you live? In USA? Have you seen how many people have lost good jobs and working in a fast food restaurant or standing on a corner begging for food? Please give me a break outsourcing has brought no prosperity to Main Street USA!

[netster007z]

@redbluequad

Keyword: "greatest". Once again, free markets create the greatest prosperity. Is it perfect? No. Absolutely fair? No.  Do clumsy government regulations and taxation make it perfect or fair? No. They inhibit growth reducing the prosperity of the society as a whole.

And yes, America has the greatest prosperity of any nation, look it up.

We destroy the competition, in an economy that is today nothing close to a free market. Imagine our growth if we truly shrank government.

[swallowthecoconut]

@redbluequad I don't particularly agree that all manufacturing jobs should be outsourced, especially considering that my fathers company, AGCO, a tractor manufacturer may very well move operations to Europe because, low and behold, Europe has lower business taxes. But it is true that free markets bring greater prosperity. The reason America is not prospering like it did in the past its because it is no longer the free market it used to be. Government has taken that away.

[BroBroDude]

@redbluequad "Free markets create the greatest prosperity." "Great prosperity?? Where do you live? In USA? Have you seen how many people have lost good jobs and working in a fast food restaurant or standing on a corner begging for food?"

Is the USA a free market you fatheaded fuck? If not, then citing it as evidence that free markets do not create the greatest prosperity achieves nothing at all.

Tariffs and wage control laws have always been and will always be more damaging than outsourcing.

[daPlumber702]

@redbluequad It's not the outsourcing that has done it. It's the government intervention from a to z in the business sector. If they would leave businesses and companies alone to do what they need to do we would be in a much better place then we currently are. Any jobs lost, are lost because they were unsupportable, (for whatever reason, there are hundreds) and would be replaced with another (normally higher paying) within time without government intervention.

[netster007z]

@redbluequad You have to put it in perspective. Life in general is tough. However, if you compare you will find that Americans have among the highest standards of living in the world.

[xteric1]

@netster007z they sure are creating jobs in china and india and other developing nations. America is increasingly becoming a third world country. Just compare the roads and infrastructure...America is ever more decaying while other countries are thinking about the future.

[burnhippiesforfuel]

do you really want a manufacturing job? the entire history of manufacturing in america has highlighted the denigrating quality of wage labor. usually by those who represent labor. blue collar workers think (probably rightly) that they could do the white collar jobs. considering service jobs include doctors, lawyers and accountants, salesmen, engineers and developers, does anyone think it would be so horrible to do service work? it often pays more.

[apango2000]

Dont know where this clown Stossel learned economics but I think the slap he received from that famous wrestler affected more that his hearing.

[IfhBiff]

why you trolling Stossel clips on YouTube apango? Did your mom kick you out of her attic finally?

[Hashishin13]

@apango2000 Someone so ignorant shouldn't be calling others names, if you want to know the only real economics then go watch some Mises Institute videos and learn something.

[apango2000]

@Hashishin13

The only real economics?,,,,,,, In other words other economic views such as the ones spoused by Stiglitz, Krugman or for that matter Keynes himself are not real?

Get a clue pal, because you are obviously and blindly promoting an ideology and you know crap about economics.

By the way, do you happen to know where Stossel got his "knowledge" in "economics" ?? (hint: next to the supermarket tabloids)

[93msinclair]

The trouble is that those imported products are bought with borrowed money. If the government wasn't pumping borrowed money into the economy (and they'll have to stop eventually) the US would have to export more than it does since Americans wouldn't be able to afford as many domestic services. John Stossel is misguided on this one but I agree with his libertarian principles.

[tkwelge]

@93msinclair You assume that trade deficits are inherently bad.

[93msinclair]

Trade deficits are unsustanable. If there is a net loss of purchasing power, it is impossible to pat back the debt. Its not the same as an investment, its just a matter of spending borrowed money on imported products.

[tkwelge]

If by unsustainable, you mean that they eventually end, you're probably correct. If you think it is a "negative" sign for the economy, well, you're misrepresenting the issue slightly. Trade deficits, even long term ones (ours actually fluctuates) don't necessarily spell doom. I mean, nobody pays attention to whether or not Texas has a trad deficit with Arizona.

[93msinclair]

The capacity for wealth creation has been eroded as people spending borrowed money has sent false signals to entrepeneurs that they do not need to export and can simply supply services to the domestic economy. The trade deficit quantifies this imbalance between exports and imports and the result is a large national debt.

[Hashishin13]

@93msinclair The national debt is caused by the massive spending of the government, and the cheap loans were also caused by the government(the federal reserve)

[93msinclair]

@Hashishin13

I completely agree :)

What's your disagreement with my statements?

[Hashishin13]

@93msinclair I disagree with not clearly laying the blame for all that on the gov. That is all. Glad you agree with me, you should look up the Free State Project.

[populartechnology]

People obviously have talent working with their hands for much less in other countries. Clearly those types of jobs are not that special if you can train an uneducated Chinese farmer to do it. Manufacturing should be mechanized and no one should be paid obscene amounts of money to work on an assembly line. Find a better use for your hands, such as repairing the equipment. No one is willing to pay more for goods made by overpaid labor. This is the reality.

[utubehayter]

Stossel is actually right. It is bad for some people that the manufacturing jobs are leaving the US. But those some people must look at why the US does not need to produce anything at all to export.

Since the US is handing out money, in foreign aid, thru IMF and exporting its currency, i.e. printing of dollars - that is why - all other industry is shrinking. Eh.. but who really cares beyond attacking people pointing out the obvious. "Doh! Stossel is an idiot!"

[spyletu]

there is nothing wrong with a free market determined distribution of manufacturing and service sector labor.. the problem is the artificial low interest rate has driven a boom in service economy that cannot be sustained. there is nothing wrong with service and engineering booming in the us if the world determines that there is such an advantage in talent here that our service economy is worth all their manufactured goods, but the distribution right now cannot be sustained.

[tkwelge]

If by, "can't be sustained" you mean that it will eventually end, you're probably correct. However, this doesn't mean that we should be panicking. There probably will be a better balance of trade in the future, probably using automation rather than human labor. Those jobs are never coming back, really, so we might as well get used to a primarily service oriented economy, anyway. Labor will never be allocated to industirial jobs in the way it was before. Not even close.

[j95lee]

Manufacturing offers one of the few low skill, high paying jobs out there. Not too long ago you could work at a factory (aerospace) in California with a high school diploma.

But American companies (printing espeically) found that cost of labor and materials are cheaper overseas. That's why the toys and books are made in China or Taiwan.

[wayx3]

the evidence here is now, high quality jobs are manufacturing jobs, service sectors only limited within inside the country, but not international. it's true that outsourcing creates job, but there's no excuse that some people don't want to compete