Tom Spencer, OPERS Executive Director states: "China is growing so fast that they are consuming more and more oil. The oil supplies are shrinking and we ar now paying about $3 per gallon for gas. China's economy grew at a stunning 9.9% in 2005. American jobs are being outsourced to India. India's economy rose an impressive 7.6% in 2005. Competition from foreign companies that pay lower wages is largely responsible for the closing of the Dayton Tire plant in Oklahoma City. There will be more to come. At the same time, foreign companies like Honda and Toyota are building plants in the United States and providing jobs for Americans."
Also, a China company is going to open offices in Oklahoma City and manufacture the MG line of sports cars in the area.
There is no doubt we are now in a global economy and we need to get smarter in how we do our business. We need to raise the minimum wage for American workers to live according to American standards, but they must retrain for the new industries that will come in, and be prepared for the companies that have to pay the higher wages to close some U.S. plants as they outsource to foreign labor. We may have to actually come up with federally-subsidized health care for every American and control the medical costs charged by physician and hospitals. As with every avenue of government assistance, control comes along with it.