Robert McTeer Jr., president of the Federal Reserve Bank of Dallas, as reported by Bloomberg:
“Good economics says you don’t try to stop destruction of jobs in the creative destruction process,” McTeer said in a speech today to Texas community-college teachers in Fort Worth. “We have to have an environment in which new jobs are being created to replace those lost.”
The U.S. economy has lost 1.05 million jobs since the current expansion started in November 2001, creating grist for Democratic Party challengers… Some members of Congress are calling for legislation to help stem the loss of jobs to cheaper labor markets such as India and China.
“I’m kind of concerned about the general trend away from free trade in the rhetoric these days,” McTeer said in response to a question following the speech. “A lot of this talk is the equivalent of saying we want to be inefficient — that we want to do a lot of work to get what we want,” McTeer said. “If we just want jobs, we should outlaw bulldozers and just make people use shovels.”
Consider compassion as a natural view or state that arises from mutuality that can distinguish without separating. Then, we can see that the choice is not whether to preserve jobs to save the people or cutting jobs to save the companies. When we see them as not separate, the obvious solution is better training and support for people between companies. Feed the market, feed the movement.
The resilience and confidence that also arises, with that view and that training, in individuals and the nation as a whole, automatically dissolves any need to fear, separate from, or defend against India or China, as well.