by Raymond L. Richman, Howard B. Richman, Jesse T. Richman
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Product Description
We are Trading Away Our Future and most economists have been caught with their heads in the sand. They think that the trade deficits are the result of free market forces. But the trade deficits are caused by foreign government currency manipulations and the foolish subsidies that the US tax system gives to foreign savings.
The American People know that something is wrong. They know that the Chinese and Japanese governments manipulate their currencies to steal American industries. They are intrigued by Governor Huckabee's endorsement of the Fair Tax, a proposal that would abolish the IRS, renew American investment, Strengthen the dollar, and help solve the trade deficits.
If nothing is done, then resolutely nondemocratic China will replace the United States as the world's premier power. In this book the Richmans explain solutions that are within our grasp. It is not yet too late!
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Average Customer Review:
5 of 5 people found the following review helpful:
Jack Markowitz' Review, 2008-03-18
This is what Jack Markowitz wrote about the book in yesterday's Pittsburgh Tribune Review.
Title: It's not too late for stopping the sellout
By Jack Markowitz
FOR THE TRIBUNE-REVIEW
Sunday, March 16, 2008
It's all in the family to hate what's happening to the factories of America.
Three generations -- veteran Pittsburgh economist Raymond L. Richman and his son and grandson -- have issued a very tough book on U.S. "de-industrialization." And what our wimpy leaders in Washington and on Wall Street should do about it.
They argue that foreign countries, especially and most worryingly China, are practicing a form of dirty tricks in global trade. They scoop up the billions of dollars the consumers in our shopping aisles send over for their goods. But they don't import from us anything like a reasonable proportion. Now that would be fair. It's what "free trade" is supposed to imply.
Instead, they turn our buying sprees right around and plow the proceeds back into U.S. Treasury bonds and increasingly hefty shares in American businesses.
This keeps U.S. interest rates low, which is not an unmixed blessing. It discourages our own saving. We keep spending on the produce of their low-wage industries, so we've effectively helped wipe out 7 million U.S. manufacturing jobs. And that in turn widens the income gap here. As high-pay employment shrinks, the displaced factory hands have to compete for unskilled jobs. Result: more suppression of wages and benefits at the lower end.
And the U.S. government has aided and abetted this "dollar mercantilism" for nearly a quarter-century....
At a hale and hearty age 89, Raymond Richman is a retired professor at the University of Pittsburgh. Son Howard, 57, teaches economics on the Internet and grandson Jesse, 30, is a political scientist at Old Dominion University in Virginia.
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