I assume the OP is referring to Census Income data released this month. [1]
If you turn to Table A-1 of that document you will find a breakdown of household incomes over time. The obvious conclusion of the trends in that table is that while the rich are getting richer, the poor are NOT getting poorer, nor is the middle class "disappearing" it is in fact moving up. [1, pg 41 Table A-1]
In light of this evidence, no I don't particularly care that the rich are getting richer. I do care that the poor are not moving out of poverty more easily, but government policies haven't appeared to make much of a difference. I think we need more private innovation on this front, see for example Grameen Bank in India (no, I don't think that particular idea will translate directly to the poor in the US).
Obvious Child beat me to the punch on the continuing dominance of US manufacturing, but the above evidence disproves some of washunut's other assertions. If it were true that "
By allowing the jobs to move overseas, we turn our middle class into Wal Mart greeters at minimum wage" then why does the census data show the middle class steadily migrating to higher income brackets?
ender1, if you think that China is playing the "
give me everything and I will keep it game" when it comes to trade, how do you think they will react to washunut's proposed tariffs? With tariffs of their own on US goods? How would that affect our "balance of trade" with China? Imports may fall but exports would as well. This of course is entirely aside from the fact that any losses from lost jobs or lower income are more than made up by the benefits of lower priced goods ... especially for the poor. This is evident from the steady upward migration of middle class incomes, and rising standard of living for even the poorest households.
To drive the manufacturing point home, I direct you to the breakdown of the iPhone 4 bill of materials [2]. For each iPhone assembled in China they get $6.54, while Apple gets $360, and parts suppliers (outside China) get $187.50. Clearly the US leads in value added (primarily knowledge based) despite the increase of "telecommunication devices" imports from China. How much would the manufacturing element cost if it was performed in the US? Would the iPhone be profitable for Apple? Would the price increase beyond it's $600 (pre network provider subsidy) tag?
J
[1]
http://www.census.gov/prod/2010pubs/p60-238.pdf
[2]
Apple iPhone: Designed in U.S., Assembled in China -- Seeking Alpha