Problem is you're not competeting against low wages. You're competeting against automation.
The folks who move production off-shore are just doing so because right now it's cheaper then the capital investments in automated equipment.
Toyota's plant under construction currently in Alabama, originally for Highlanders but as I understand it being reprogrammed for a new hybrid, will employ 2,000 workers. Making 150,000 cars/year. Pretty amazing, huh?
For the last two decades, the general trend each year has been for efficiency (productivity) to increase 3% per year, while U.S. Industrial Output has grown 1% per year. Yes, it has been growing folks. Problem is, in simple numbers, if you only grew output 20% in two decades but improved efficiency 60%, you can sack 40% of your workers since they're no longer needed.
Companies making fairly complex stuff -- not the handpainted curios and such -- face a pretty simple decision. They can spend their money investing in newer, more automated equipment; or they can spend their money to move the factory and ship goods from a lower wage country. In either case, most of the jobs that went into manipulating materials and assembling them in the U.S. are going to disappear.
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