Comments on Peter Morici “A lifeline for the US middle class”, 31/12/2011, http://www.businessspectator.com.au/bs.nsf/Article/US-economy-middle-class-oil-energy-growth-pd20111230-Q25BW?OpenDocument
Peter Morici, while recognising some roles of the trade, has failed fundamentally and miserably to grasps some of the most important fundamental implications of trade, that is, income/wage equalisation.
Until he properly takes that into account, he will not be able to come up with useful and practical policy recommendations.
He has always tended to blame the emerging economies, their governments for Americans' problems.
Unfortunately that only shows his failures in intellectual, even though he is a professor and was the chief economist of US trade commission some times ago.
That is also a fundamental problem with most US elites that has been at the root of the problems US has been faced, even though the $US and the largest economy status have afforded it with unparalleled advantages over other countries.