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U.S. Facing Challenge Amid Big Shift Of Jobs To Low-Wage Nations; China's Deflationary Impact; U.S. propping up world as factory, service jobs move to China, elsewhere.(A)
Byline: JED GRAHAM
With interest rates at their lowest level since the 1950s and another big tax cut going into effect, the U.S. economy should be surging.
Most economists do think the U.S. will take off in the second half. But right now it remains sluggish. Factories are still closing, businesses are curbing investment and the economy keeps losing jobs.
Trade accounts for more and more of total economic activity. That makes the U.S. more dependent on the rest of the world, which is stuck in low gear. And global competition means more jobs shift to lower-wage nations like China and India.
Pimco's Bill Gross, who oversees the world's largest bond fund, compares the economy to a wet log that won't stay lit despite Washington's stimulus efforts.
China and India make "the logs in the U.S. . . . even wetter by hollowing out our manufacturing and services industries," he wrote in his latest investment outlook.
Globalization spurs firms to innovate and become more efficient. It helps developing nations develop. Consumers enjoy higher quality and lower prices on everything from stereos to cars to PCs.
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