CEPR - Center for Economic and Policy Research

Multimedia

En Español

Em Português

Other Languages

Home Publications Blogs Beat the Press Robert Samuelson is Upset that Manufacturing Jobs Seem to be Returning to the United States

Robert Samuelson is Upset that Manufacturing Jobs Seem to be Returning to the United States

Print
Monday, 31 December 2012 05:58

That is the gist of his column today. He presents some evidence that the gap in costs between the United States and the developing world, most importantly China, has been reduced and therefore jobs are coming back to the United States. It's very hard to understand the negative in this story. It could mean that a trade deficit that was leading to ever more foreign indebtedness is beginning to moderate. It's not clear why this would be bad.

The complaint is especially ironic coming from Samuelson, who has long been very upset about government budget defiits in the United States.It is difficult to imagine a scenario where the budget deficit moves closer to balance that does not also involve the trade deficit moving closer to balance. The only alternative way to make up for the demand lost to the trade deficit would be with negative private sector savings.

Comments (4)Add Comment
"The complaint is especially ironic coming from Samuelson..."
written by Richard, December 31, 2012 7:30
Couldn't that also say "moronic" instead of "ironic?
...
written by Eric377, December 31, 2012 9:28
Read the article. It takes a whole lot of extrapolation to assess Samuelson's words here as being upset by repatriation of some manufacturing jobs. Dean, are you a hunter? Let us know if you are and we will avoid the woods in season since it is clear you have a terribly itchy trigger-finger.
Dean and I finally agree on something
written by rob atkinson, December 31, 2012 10:47
Nice post. Samuelson is so committed to the neoclassical vision of trade that if the US imports less because it makes more here he says that as a bad thing. amazing.
...
written by Richard, December 31, 2012 3:20
Eric377, Samuelson is decrying the return of manufacturing jobs to the US, pretending that it means the end of globalization. Globalization is and has been one of Samuelson's fetishes because of the resultant lower wages and benefits to US workers. I read the column first thing this morning and immediately came to see if Dean had taken the proper measure of Samuelson's gibberish.

He had.

Write comment

(Only one link allowed per comment)

This content has been locked. You can no longer post any comments.

busy
 

CEPR.net
Support this blog, donate
Combined Federal Campaign #79613

About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.

Archives