Exploding Myths
You’ve heard it so often that you’ve quit questioning the veracity: we are indenturing ourselves and our children to foreign investment. First it was the Japanese, now it’s the Chinese. Ask any journalist and they will tell you, soon foreigners will own us.
If you believe that then take a click over to The Skeptical Optimist who posts Pie Chart of Who Owns the Debt, and Bar Chart of Who’s Been Buying It. Fascinating stuff.
Following that, something else you’ve heard so often that it has become accepted truth: our manufacturing base has been eroded by NAFTA and offshoring. Clothing factories have closed and towns are left destitute. Soon America will have no manufacturing base at all.
Except that NewsBusters tells us Psst: The Manufacturing Sector Is on Its Longest Winning Streak in Over a Quarter Century. Money quote:
You have to go back almost 27 years to find a longer streak than the 36-month tear we’re currently on. …
The fact that the current 36-month streak has occurred at a time of unprecedented hypercompetition on a global scale is all the more impressive.
Both stories courtesy of Club for Growth Blog, here and here.
