The real economic lesson China could teach us

Highlighting the summit between Chinese President Hu Jintao and President Obama is China?s agreement to buy $45 billion of American exports. The President says this will create more American jobs. That?s not exactly right. It will create more profits for American companies but relatively few new jobs.
Nearly half of the deal is for two hundred Boeing aircraft whose parts come from all over the world. The rest involves agricultural commodities that don?t require much U.S. labor because American agribusiness is highly automated, and chemical and high-tech goods that are even less labor-intensive.
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