Editorials & Other Articles
In reply to the discussion: Did Republicans deliberately crash the US economy? [View all]AnotherMcIntosh
(11,064 posts)Nixon was supported by a billionaire who wanted this.
Prior to Nixon, televisions and other electronic equipment were not made in the Far East and then imported into this country. Gym shoes and other clothing items were made in the USA. Some trinkets and junk were made in the Far East, and were stamped "Made in Japan," but most items were not. Some automobiles were manufactured in Germany, England, Italy, and France, and then imported into this country, but not so many as to displace automobiles manufactured in this country in signifigant quantities.
In the months prior to Nixon going to China, Congress adopted special tax rules to benefit corporations (DISCs) that engaged in certain international transactions. Nixon went to China and American manufacturing jobs have been exported ever since. Reagan's tax policies accelerated it.
As the signs used to say, "Nixon's the one."