The other point I’ve been making for a decade about offshore production is not free trade, it’s labor arbitrage; and that all tradable goods and services can be moved offshore. So that you can very easily have a permanent unemployment rate of 25% or 35% percent or even higher, because the only jobs that can’t be offshored require hands-on performance: like going to the dentist, or getting your hair cut, or being served in a restaurant by a waitress, or in a bar by a bartender.
“When one side runs with it too far it becomes abusive, it becomes too much regulation, and then it becomes too little regulation. So keeping the balance requires sensibility, intelligence, and not ideologies. If the people are committed to ideologies and are operating ideologically, then it always gets out of balance.”