When a country, namely the US, can print trillions of dollars to keep its economy afloat, but is struggling to produce basic medical gear during a pandemic, it raises serious questions about its economic basis.
RT’s veteran host Max Keiser sat in with Marshall Auerback, research associate at the Levy Institute, to discuss how the coronavirus outbreak exposed one of the core problems with US economic policies.
“We went way too far in favor of a model, where we said ‘Let’s offshore as much manufacturing as possible and retain the software onshore.’ It’s an unviable model,” the analyst stated. “You can’t be a serious world economy if you can’t produce even the most basic of medical needs for your citizenry.”
Auerback pointed out that countries like Germany as well as some Asian nations have done a much better job to battle the current crisis. This is due to the fact that they managed to retain viable manufacturing systems – in contrast to the US.