The counter point here is that the US and EU have benefited with a lot of economic growth in the past few decades. The fact that this growth effect has now run its course just means that things may need to change again and that old assumptions may need to re-evaluated. Which might include looking at strategies to re-shore.
Not because off shoring was a mistake 40-50 years ago; but because technology now enables automating a lot of the type of jobs that we off shored. I'm referring to robotics and and other innovations in manufacturing and assembly that reduces the amount of cheap labor needed and calls for higher skilled labor that the west can still provide.
The higher cost of skilled labor can be offset against the also substantial cost of shipping. A typical car from China costs between 1-2K $ to transport. And that's of course before tariffs. Also shipping is slow and building locally means faster delivery of custom orders, which is another thing enabled by modern manufacturing technology. There are many valid reasons to re-shore and re-thinking supply chains.
The Chinese are moving ahead applying the same kind of technologies in e.g. automotive than many other manufacturers with the exception of maybe relatively new companies like Tesla and Rivian that have embraced a software intensive approach to cars already. And that includes spinning up BYD plants on different continents. Compared to a BYD factory, GM and Ford look like they have a bit of catching up to do. Their lack of competitiveness on the international market has a lot to do with the fact that they failed to modernize their businesses. Also, they seem to be repeating their mistake of the nineteen eighties when the Japanese kicked their behinds with better cars and more modern manufacturing. Their reflex to blame the Japanese, Koreans, Chinese (or whomever) for their own failings is not a great one. It's going to yield the same result unless they change.
A bunch of assholes in offices (edit: and a handful of C-suite above them of course) got rich on RSUs at the expense of the entire rest of the economy. The factory shut down and all those workers are getting screwed driving for some gig service or order picking for ecommerce or whatever.
Number go up only matters if the number going up is strongly associated with things getting better.
And it didn't even necessarily get better for the asshole in the office. A few of them won but most of them can't afford to live within an hour of where he works, have a family, etc, etc.
The 2-3%/year economic growth that has been common since the 1980s. People getting rich is nothing new. You can go back 50 years, 100 years, 150 years, etc. and find the same kind of debates.
The difference is that people work less than ever and obesity is now a sign of poverty rather than wealth. Depression era US had people actually starving. The relative wealth of the middle class in the sixties and seventies is something you might rightfully mourn a little. But even then, there was a lot of poverty.
This is the "but iPhones and avocado toast" argument.
Calories and consumer goods are cheaper than ever. Housing, education and healthcare are more expensive than they've ever been. There has been a marked decrease in the amount of personal and economic autonomy available to the middle class and below over the past 40yr. Look at how medium skill level workers lived in the 1980s. It's basically a foreign country compared to today.
Having a robot vacuum to smear your dog's shit all around doesn't actually make you wealthier if you can't afford a house for the dog to shit in and apartments don't allow dogs.
What people want is a comfortable and fulfilling life, both of which are assessed on a relative basis. The modern economy has given them a rat race and shitty highs and they know it. Happy pills don't make depressed people happy. They just make them not depressed.
What people want never existed. You always find people that want more. But the same apartment that currently houses a couple of people used to house entire families. And it wouldn't have had a lot of the comforts people take for granted these days.
Not because off shoring was a mistake 40-50 years ago; but because technology now enables automating a lot of the type of jobs that we off shored. I'm referring to robotics and and other innovations in manufacturing and assembly that reduces the amount of cheap labor needed and calls for higher skilled labor that the west can still provide.
The higher cost of skilled labor can be offset against the also substantial cost of shipping. A typical car from China costs between 1-2K $ to transport. And that's of course before tariffs. Also shipping is slow and building locally means faster delivery of custom orders, which is another thing enabled by modern manufacturing technology. There are many valid reasons to re-shore and re-thinking supply chains.
The Chinese are moving ahead applying the same kind of technologies in e.g. automotive than many other manufacturers with the exception of maybe relatively new companies like Tesla and Rivian that have embraced a software intensive approach to cars already. And that includes spinning up BYD plants on different continents. Compared to a BYD factory, GM and Ford look like they have a bit of catching up to do. Their lack of competitiveness on the international market has a lot to do with the fact that they failed to modernize their businesses. Also, they seem to be repeating their mistake of the nineteen eighties when the Japanese kicked their behinds with better cars and more modern manufacturing. Their reflex to blame the Japanese, Koreans, Chinese (or whomever) for their own failings is not a great one. It's going to yield the same result unless they change.