Quoted from Pinfactory2000:
Their wages could rise 500% in the next decade and still only be 1/2 our manufacturing wage. And that assumes our wages dont go up a cent.
Its going to be very long time until we can compete on that level domestically...If ever. Frankly, not sure why we would want to.
Even if Chinas wages went up 1000% we'd simply move to the next 3rd world country to exploit cheap labor. There's no shortage of it...Nor are there shortages of countries that would LOVE US manufacturing investment.
I agree with you, but there are some things to consider.
First, China is 1/3rd of the world's population. Other countries can be exploited for cheap labor, but not near the scale of China. Second, like in China, there would be an exponential increase in wages. The growth could potentially be faster in smaller countries, as just a few large factories would have a huge influence. The last is resources. China is abundant with them, 3rd greatest in the world next to Russia and the US. Factor in transportation of raw materials and the inability to harvest at the source. We have the advantage of abundant natural resources. We need to start making a shift back in the other direction sooner than later.