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Economist Peter Morici on the misleading information in the campaign debate over outsourcing American jobs.
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President Obama governor Romney continued to trade jabs on outsourcing -- which candidate has the largest record of shipping jobs overseas.
But economist Peter -- -- says the campaigns are deliberately confusing Americans and -- US reduces outsourcing by half.
The economy could really improve -- thank you so much for joining us let's get right to declare -- -- cents a what is deliberately misleading out there.
Well a lot of the president's policies have resulted in a growing trade deficit importing a lot of products that could be made here that's good old fashion outsourcing.
Probably 500 billion dollars -- -- GDP and five million jobs like what actions lotteries.
Well auto parts for -- yeah China's got a 25% tariff.
They want to let our products and so manufactures -- -- to make this stuff that is on China and that they shipped back to the United States so what is typically that he's doing to promote that's.
Well -- -- about China's currency manipulation he talks a good game but he doesn't do anything about it China limits what we can sell there.
And so you know our manufacturers a choice.
They -- -- manufacture one place or the other with today's economies of scale if you get -- -- places from China but you can't sell both -- from the United States go to China.
What are the attacks on the Romney's -- -- talk about private equity trying to set up meaner leaner business is so you know they outsource jobs overseas in order to make a bigger profit that's sort of true right.
There is some truth of that.
Yeah but what's more significant is at least a very shortsighted business decisions because the companies if they sell them -- -- loaded up with debt so literally take product improvements are -- and so forth.
That tends to lead to competitors.
Getting the work and very often those competitors that can afford the R&D a product development.
Our overseas.
Sick so there there -- a tendency for -- to to create outsourcing -- but you're saying that we could bring a lot of jobs back here from China and improve the economy like why I mean is that the same industries or is there something else would you be doing.
-- the industries that we've been losing other industries that should be coming back.
You know a lot of stuff that's manufactured in China would be manufactured here China didn't have -- present currency advantage didn't -- its exports.
Our require Americans to get involved in joint ventures and transfer technology to China you -- -- -- At apple want to sell in China but at a train Chinese engineers it's not express the put -- -- this.
-- -- I wanted to for a run out of time I -- -- play a sound bite for you that's been getting the buzz all day across all the networks to get your reaction on the other side this is what the president -- over the weekend let's listen.
If you -- yeah.
Yeah so now some invest in roads and bridges that you got a business.
That you -- bill that.
So it is business success -- -- into the government that small business owner that went out there and took the risk and put themselves on the line.
I mean I they didn't have a helping hand along the way but are they beholden to the government should they be paying more tax what -- you -- of August.
He just -- conservatives about the tax increases that he wants.
You know we all pay for government that we get benefits for government but that doesn't mean we should be beholding for government.
-- demands a constitutional lawyer and I have the burden of having read the same document.
And it says the government was established to serve may not that I was put here to serve -- mr.
Obama understands the relationship but he's got an upside.
Yeah it was small business -- those dollars to Washington apartment taxes dollars that they would have used to pay their employees are buying another software programmer by another machine so it's.
It's not it's not like it was just sitting on the sidelines anyway we can debate that forever Peter -- we're at a time thanks coming on tonight.
