Food for thought from professor Peter Morici at the University of Maryland's Robert H. Smith School of Business:
"Many U.S. manufacturers find it easier to locate production in China and other Asia locations than add jobs in the United States to produce goods.
"But U.S. made goods must scale considerable trade barriers and compete against subsidies provided by undervalued currencies in China, India and elsewhere in Asia. Those areas also have regulated fuel prices.
"U.S. manufacturers have received little encouragement from the Bush Administration, and in particular Treasury Secretary Henry Paulson, that it will do much to level the playing field in Asia.
"Were the trade deficit cut in half, manufacturing would recoup at least 2 million of the 3.9 million jobs lost since 2000. U.S. GDP growth would be in the range of 3.5 to 4.0 percent a year instead of 2.5 to 3 percent expected as the economy resumes growth the latter half of 2009. Real wages would rise briskly."