I watched a professor from my old alma mater, Maryland, on TV saying that the only way to improve job prospects is to stop importing from China and bring those jobs back home. This is one point on which the far left and far right agree. They both argue for reducing imports to keep jobs in the USA. What they fail to realize is the important contribution made by these imports to price stability in the USA. Inflation over the last decade has been practically non-existent due primarily to continued low price imports from inter alia China.

I am also dismayed by the professor’s total lack of understanding of today’s global economy. We have finally come to a stage where efficient utilization of captial and labor is well beyond that of 20 or more years ago. Not sure what they have been drinking at Maryland since I left but, if this teacher reflects the campus consensus, they definitely need to change the brew of choice.

I guess I will reconsider when I am approached by the next alumni fund raiser.