Monday, July 20, 2009

Chinese Imports Behind Job Decline? I Don't Think So....

This is what apparently passes as scholarship on Universities these days. Peter Morici, Professor at the Maryland School of Business comes up with this explanation of job losses:

"Since December 2007, the private sector has shed 6.6 million jobs-half in manufacturing and construction. Lousy banking practices and a surge in imports, mostly from China, are the main culprits but are not getting fixed."

Well, if surging Chinese imports really is the problem, then that problem has definitely been fixed. Because normally, an 18% decline (the percentage by which U.S. imports from China declined between May 2008 and May 2009) would not qualify as "a surge in".


Anonymous Anonymous said...

I have heard things like this from a lot of people in the last couple of years. One student I spoke to was convinced that Chinese businesses were going to buy out all the major western ports and create a monopoly on Pacific trade for China.

7:11 PM  

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