A powerful and dangerous force has been unleashed on the global economy. It’s a new source of skilled labor that has put American workers at a competitive disadvantage — and no one knows just how many jobs have already been lost because of it. The U.S. is running a huge trade deficit with this force; every year we’re spending millions more on what it produces than it spends on American goods and services. And to top it all off, this entity has built a massive currency reserve, investing large sums of it on U.S. government securities and thus enabling America’s fiscal profligacy.
Why, oh why, won’t the U.S. government do something to protect us from . . . Tiger Woods?
The analogy isn't perfect but Luskin makes a good argument. Much of the anguish about China is akin to the Japan bashing we heard back in the 80s. I say if China is willing to send us actual goods in exchange for pieces of paper with pictures of Presidents, we should let them.