Originally Posted by raymr

On a dollar for dollar basis, we can't compete. $12 an hour is about 25K per year, which is barely above the poverty line for a family of four. Now consider that people in India and China work for just a few dollars per day. Theres no way we can drop wages by that amount, and there is nothing that we can do that anyone else can't. Everyone builds super computers, jets and spaceships these days.

Globalization benefits the guys who move currency and resources around the world, and helps some 3rd world economies. If you buy stocks in such companies, good for you. But it is a false promise for everyone else. You can't squeeze any more blood out of this rock.