Jennifer Granholm, the governor of my home state of Michigan, said this morning on FoxNews Sunday that manufacturer Electrolux moving 2,700 jobs to Mexico is “like a nuclear bomb going off.”
This morning’s Grand Rapids Press showed a woman who is going to be laid off getting financial information and advice. She looked unhappy, and her husband looked downright upset. I’m sure that they don’t have any idea what they’re going to do. Their life is going to change forever because workers in Mexico will work for less than $2.00 per hour. I believe that something needs to be done to address this type of situation.
However, if you compare that picture to pictures of people in Hiroshima after a nuclear bomb went off, I think you’ll see significant differences.
UPDATE: Jack Welch later compared the anti-globalization talk of the Left to the closed economies of Cuba and Soviet Russia. MO readers know that I’m fond of Cold War metaphors, but give me a break. There’s a lot of middle ground between NAFTA and Cuba.
He did, however, point out that today’s 5.6% unemployment rate is better than the unemployment rate for the decade of the 1990s. He wasn’t trying to minimize the effect of lost jobs, but wanted to get a little perspective on the situation.
UPDATE 2: Cached transcript.