‘US a Third World country in 11 years’

A former assistant secretary to the U.S. Treasury has predicted that the U.S. will become
a Third World country in 11 years because a lot of manufacturing and
professional jobs are being moved offshore.

In a phone
interview with the U.S. Desk on Sunday, American author, economist, and
columnist Paul Craig Roberts said he had made a prediction in 2004 that the U.S.
would become a Third World country in 20 years.

“I believe we’re
about half way there,” said Roberts.

“For the last 20
years, American corporations have been moving the production of goods and
services for the American market offshore. They produced the goods and services
in China, India, and other places where there is a large labor cost difference.
The result is that the United States labor force is turning into a Third World
labor force,” explained Roberts.

“When you lose
manufacturing jobs and you lose professional service jobs such as software
engineering, you lose the ladders of upward mobility that permitted people from
lower economic classes to rise through professional attainment into middle
class,” he added.