Import people, logistics, retail, state governments , municipalites all benefit from Asian goods coming in.
Those are all markups to the original cost of production, which is well over 50% of the end cost to the consumer...which quite a few consumers need to borrow in order to afford.
I'm starting to notice nascent movements of "Buy American".. I'm very proud to say. I think this will continue.
It would be nice to see, but I think the majority of Americans aren't willing to give up quality of life (through cheap goods) for the benefit of others. Unfortunately. People, in general, think in personal terms, not broad terms.
No, you don't but it's advantageous in case of emergencies. It's often justified in funding education.. home investments, etc. It shouldn't be relied on though.
In emergencies, sure. Emergencies. That's it. Buying a house, fair enough, you pay half of it in cash, the rest on payments, if you're credit worthy. Education, absolutely not. That is one the biggest problems in the US higher education system. So much credit has been made available that the costs are no longer affordable to people that save up. The concept of a college fund is laughable now.
The point is that it's changing.. Mindsets aren't changed over night. Incrementally things have gotten better. At least the acceptance has come in that we have a problem.
Hopefully it will continue to change after credit becomes more fluid again...