Race to the bottom

This is a classic real life example of how race to the bottom evolves. Here is how.

(Congressman) Manzullo (R-IL), also the Chairman of the House Committee on Small Business, told the 200-plus attendants to his "Restoring Manufacturing in America" speech on Monday that today's CEOs are trapped in a culture where they believe outsourcing could cut costs, hence increase stock values of their companies. He warned, however, that such a belief is short-range planning that is leading to long-term losses.

According to the HCSB, the U.S. manufacturing sector has seen 42 consecutive months of significant job losses and unemployed workers number rising to above 2.8 million.

Manzullo suggested that CEOs of U.S. manufacturers--large or small--should "outsource to America."

"There're areas in this nation where people are willing to work $7, $10 an hour," he said. "Outsourcing to America will at least keep the jobs here."

Need I say more?