In his best speech ever President Obama sounded the call for the need to stop sending jobs overseas. It was totally missed by pundits, but Obama just sounded the call for economic nationalism when he said that he would bring jobs back to America.
It's about time.
From 1960 to 1999, the USA added 20 million new jobs each decade, but from that point to today, just under 5 million jobs were added. Where did they go? Overseas to other nations in a large process of what economists call import replacing. One example of this is the growth of Airbus Industries in aircraft manufacturing where they got the largest tanker deal in American history -- $35 billion -- and over the Boeing Company costing 25,000 jobs.
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