According to the international Monetary Fund, for the first time in decades the U.S. is no longer the largest economy in the world. Communist China has become number one. Just 14 years ago, the U.S. produced nearly three times as much as the Chinese. China now accounts for 16.5% of the global economy compared with 16.3% for the United States.
Communist China doesn’t be¬lieve in free trade, but works to advantage its own industries. China is trying to purge foreign technology from banks, the military, state-owned enterprises, and government agencies by requiring agencies to shift to Chinese suppliers. China is replacing foreign products at all lay¬ers from application, middleware, down to the infrastructure of both software and hardware. This campaign could have lasting consequences for U.S. companies, including Cisco Systems Inc. (CSCO), International Business Machines Corp. (IBM), Intel Corp. (INTC), and Hewlett-Packard Co.
Trade with China has cost 3.2 million American jobs. The trade imbalance with China has cost U.S. jobs in every state, according to the Economic Policy Institute. Imports from China grew dramatically from $102 billion (in 2001, the year we let China join the World Trade Organization) to $438 billion in 2013. In 2013, the United States imported four times more from China than we exported to that country. U.S economists have reported that import competition from China has cost the United States 1.5 million manufacturing jobs from 1990-2007. China is the world’s second largest market in the world for films, and China exercises tight control over what audiences can see on the movie screen: no religion, no guns in civilian hands, no civil disobedience, and absolutely no Chinese villains. The second largest movie theater chain in the U.S., AAMC Theaters, is owned by the Chinese.
We recommend Who Killed the American Family?
The Moral Liberal recommends: Phyllis Schlafly and Grassroots Conservatism: A Woman’s Crusade (Politics and Society in Twentieth-Century America)
Contributing Editor, Phyllis Schlafly, is the Founder and President of Eagle Forum, a national radio show host, and a best-selling author.
Used with the permission of Eagle Forum.