From Forbes.com, via ABC News:
As China continues its meteoric rise, life — and commerce — in America have become saturated with three words: “Made in China.” The abundance of low-cost goods has made life less expensive, but as some critics argue, it has drained the country of factory jobs, as companies shutter plants and head east.
Indeed, the trade gap between China and the U.S. would be better described as a canyon. In 2006, China exported $287.8 billion worth of goods to the U.S. Meanwhile, the U.S. exported $57.2 billion to China, according to the U.S. Census Bureau.
But, the U.S-China trade deficit doesn’t provide a complete profile on American productivity. While China excels at producing low-cost, labor-intensive goods, like sneakers, plastic toys, and clothes, America’s factories actually churn out far more products, and they’re worth a lot more money. [Full Text]
