As a small business owner I would like to point out a very important business principle that America has forgotten. This principle is the simple fact that when money is spent to purchase an item or build a house more wealth is created. For example, when I build a house I hire: a builder, an architect, a brick layer, a framer, a roofer, a sheet rocker, a floor layer, and various other contractors. The wealth that I spend is given to each contractor respectively and they are wealthier because of it. Now, some would say that I have lost that wealth because I spent it, but no, the house has the value of what I spent. So the money/wealth was exchanged for a tangible item that I value and is an important factor in the wealth of my family.
Our country and many bigger businesses have forgotten this principle and have followed after higher immediate profits that are seen from overseas production of goods. Our country is by far the world's largest consumer of goods, there is no debating this fact. Well, when we purchase items that are made overseas we are giving our wealth to that nation. Within that nation there are workers hired, companies established, buildings built, and money exchanged. When a company looks overseas to produce things they look at lower wages, lower costs, and higher profit margins. This is a natural aspect of business in general, cut costs/make more money.
America can not compete globally with wages, we never will be able to. When I served as a missionary in the country of Bangladesh, I worked with some of these factory workers from American companies. They were happy to have a job, getting paid $16/mo for 6day work week of 16hr days. Now we can never compete with the labor costs of production overseas. Costs of shipping are negligible. Cost of materials are negligible. So why should a company keep its production in America, if we promote free trade worldwide? There is no reason financially.
Our nation needs to:
Slowly pull away from free trade agreements with nations that have proven to be taking advantage of us. For example China, who has broken exchange laws, spied on military contractors for our country, spied on downed aircraft in Afghanistan, used lead based paints on children's toys, etc. China holds much of our debt, which gives them some pull, but look to the fact our debt is bought with money that our companies have given them for cheaper inferior products. Charge tariffs on items imported from China, use these tariffs to pay down our debt. Use tariffs to create income for our nation, and to create jobs within America by charging high enough tariffs to discourage business from producing overseas. Do this incrementally, so as not to disrupt our way of life, but let businesses know what the penalties will be in advance so they can prepare for it. Allow companies to offset tariff costs with export credits.
Create a fair tax system where all are taxed at equal percentages. There is no way that every American can not pay an equal percentage.
CREATE BUY U.S.A. Made Products marketing campaign. (Change laws to only allow products fully constructed in America to boast this claim). Bring pride back to America.
These things alone can create jobs within our borders, but there will be a fight for this because people have bought into globalization and free trade. The only way these two things to work is by balancing the quality of life worldwide, meaning a lowering of our way of life and the giving up our leadership position globally. To me this is not a good option, I have spent time overseas as a missionary and know that our lifestyle even for the poorest is better than most in the world.
These ideas will create jobs, there is no doubt about it. It will create wealth within our own nation.
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