Finance, Forex and Investments

Has free trade turned the USA into a 3rd world country?

Before you rant read: We use to be the world's industrial force, importing raw materials and exporting finished goods. Nowadays we import most finished goods from China, India, Mexico, Peru and soon Colombia. We do export scrap metal hoorray for us? Stan: I didn't know job loss due to outsourcing and the devaluation of our currency raised the standard of living of most americans besides corporate bigwigs. Thank you for the enlightment.

Public Comments

1. No, not yet but with NAFTA and Baraaks tax plan..he will bankrupt the country and BO will become CZAR
2. Not yet, we still make a few high-tech stuff like drugs and computers.
3. One more contender for today's most ridiculous question. Free trade has dramatically INcreased the U.S. standard of living, as it has done for every other country that engages in free trade. There is not a single informed economist, liberal or conservative, who disagrees with that.
4. Not yet, but it will be a third world country soon.
5. No, but Obama will.
6. We export technology now. Both Apple and Microsoft are American.
7. free trade is ALWAYS profitable... see no one is FORCING you into free trade, you only trade if you are making a profit... and making profit is good :)
8. How can you call a 20,000 page document of regulations of trade, such as NAFTA, 'free trade'? It cuts out the individuals and small businesses as a practical matter, in favor of multinational special interests. What is 'free' about that?
9. no , but the way things are going i wouldnt be surprised
10. We aren't a 3rd world country, not by a long shot. We're not even 2nd world, we're #1 baby.
11. Very interesting question... I agree with you from the labor cost point of view... Our labor cost is way too expensive to be price competitive.... Someone said that we export technology from MS and Apple, but most if the product is assembled somewhere else (China, etc.) Our product is not competitive because of the labor cost, cost to run production, taxes, power, etc. However without free trade the services, product quality, and price would go up (and cause even more higher prices and essentially higher labor rates) so it a vicious circle... We must become more competitive in terms of labor in order to compete... Good news - we are more cooperative than Western Europe already, so give it some time...