In the 25 years of this century US imports rose by 10% of GDP (from 5% to 15%) while exports remained static at 11%. US business, workers, and government services lost a full 10% of US GDP every year over 25 years. In 2025 dollars/GDP $31 trillion/yr x 25yrs = $770 trillion lost to the country. If technology, capital and market access were not transfered globally and instead the resources invested in the US. We could have maintained the year 2000 domestic supply rate. Globalization was a mistake. A big one. No way to finesse a soft landing.
In the 25 years of this century US imports rose by 10% of GDP (from 5% to 15%) while exports remained static at 11%. US business, workers, and government services lost a full 10% of US GDP every year over 25 years. In 2025 dollars/GDP $31 trillion/yr x 25yrs = $770 trillion lost to the country. If technology, capital and market access were not transfered globally and instead the resources invested in the US. We could have maintained the year 2000 domestic supply rate. Globalization was a mistake. A big one. No way to finesse a soft landing.
When that shit goes down, the vortex may well drag the whole world down with it.
Well done! In other words, factor all the pros and cons based on a long-term perspective.
However, if we had done this previously, we never would have gutted our own industrial and manufacturing capability and sent it all to China.