Former US trade representative Bob Lighthizer exposed what he said Wednesday in troubling economic trends caused by decades of increased outsourcing and hyperglobalization.
“Tucker CarlsonThe podcast, Lighthizer, discussed the decline in US economic growth. This marked a transition from the robust growth experienced in the past decades. Lighthizer also spoke about the detrimental effects of wealth transfer overseas.
“So, let’s give you the points here. If you think about it from 1960 to 1980, then 1980 to 2000, and from the present to the present, think about it in these three units,” Lighthizer told Carlson. “From 1960 to 1980, there was a 3% GDP growth over 14 years, and there was OK, reasonable GDP growth. From 1980 to 2000, there was over 14 years of GDP growth.
Based on data From 1960 to 1980 from the Bureau of Economic Analysis, the US experienced several years of GDP growth of over 3%. However, the trend to achieve such growth has declined significantly since 2000, with fewer cases above the 3% mark, highlighting Lighthizer’s point of recent slowing economic growth.
clock:
“The last time we had a 3% GDP growth was 18 or 19 years ago. And some people say it’s a hyperglobalization, hyper-free deal that was largely occurring in the 1990s,” Lighthizer says. “So we’ve seen the transfer of wealth overseas. We’re poor. America is slowing down economic growth. We’ve also seen the deterioration in technology leads. And there are a few ways to think about this.” (Related: “The Bidenomics of the Reverse”: Steve Moore says Trump’s first time will beat Biden’s entire presidency)
Lighthizer pointed to a declining role in the US in the manufacture of critical technologies, from semiconductors, where the US currently produces only 8% of its global supply, to solar panels and rare earth elements.
“We invented personal computers. Now there’s little without foreign parts, and nothing. We invented semiconductors. We now made 8% of the world’s volume. We previously dominated it. We could say the same thing about rare earths.” “We didn’t invent them, but we previously dominated it. Solar panels. All these different things, nuclear energy, not only did we lose, but we fell out of the competition, but we were able to experience all of these.”
The conversation also delved into the impact of demographic changes and immigration policies on the US workforce.
“The Australian Institute of Strategic Policy is an incredible institute supported by people in the private sector as well as the Australian government. They track what is called 64, 64, 64. The US is behind China in 57 out of 64.”
“And these are things like AI and robotics, they’re like what you need. And if you said, where were we 15 years ago, we were behind three. So you saw this excess globalization or this degradation of excess trade or huge trade deficits.
Australian Institute of Strategic Policy It has been reported China has a distinct advantage over the US in shocking research across most of its key technologies. At the same time, as China’s investment in science and technology has results, the US’s strengths in technology implementation may decrease.
All content created by the Daily Caller News Foundation is an independent, nonpartisan newswire service that is free to use for legitimate news publishers that can provide large audiences. All republished articles must include logos, reporter signatures and DCNF affiliation. For questions regarding our guidelines or partnerships with us, please contact licensing@dailycallernewsfoundation.org.
