Originally Posted by BroncoBeavis
Most of this is pretty much wrong, or at least the wrong emphasis. The major thing that happened is Asia started getting it's **** together, and we kept playing it like we were the only game in town.
Free trade has it's advantages, but you have to play that game with an eye towards competitiveness.
If you don't want to compete, you'd better keep those trade barriers up. Although that approach can only work for so long. Highest taxes in the world combined with MFN was a recipe for industrial collapse. Now we are where we are.
If what you say is true, the hit would be felt across all classes. That's not the case:
The richest 7% of American families saw their average wealth soar 28% from 2009 to 2011, while the remaining 93% of households lost 4% of their net worth over that same period, according to a new report.
Highest taxes in the world? You've got to be kidding.