From American Gold to the Gold Medals... Chinese Summer Olympics Paid for by US!!!

Submitted by SadInAmerica on Mon, 08/18/2008 - 9:11pm.

The majesty, creativity and uniqueness of the Summer Olympics in China cannot be denied. It is an entertainment spectacle that will long be remembered and used as the gold standard that other nations will find difficult to match. Some people praise the Chinese for the gift they have given the world. But the economics of these Olympics merit more serious examination. Americans have paid for the massive, multi-billion dollar spending to create the Olympics venues in China.

First, over many years, American consumers have had little choice but to purchase Chinese products because myriad companies decided to increase their profits by importing goods from China made by low-paid workers made by companies not spending to comply with environmental, health and safety regulations, or setting up manufacturing facilities of their own there. Americans have to work very hard to find almost any product that is NOT made in China. From frozen tilapia fish to shoes to appliances to all clothing, consumers find little else in stores except stuff made in China. This explains an enormous nutty trade imbalance with China. The Chinese have amassed untold billions in US dollars from this one-sided trade disaster. While it is argued that consumers have benefitted from lower prices, millions of American workers have lost good-paying jobs once held in manufacturing industries.

What has the Chinese done with the piles of profits from swollen exports to the US? They became one of the largest sources of
money that the US government has borrowed, because of an enormous budget deficit. So, first the Chinese make tons of money selling us products and then take some of those profits and loan the dollars to us, making still more money from the interest we must pay them.

Joel Hirschorn - August 18,2008 - source AssociatedContent

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Submitted by SadInAmerica on Mon, 08/18/2008 - 9:11pm.