“A competitive economy does both.”

“Sometimes you hear people saying the U.S. would be more competitive if only wages were lower or we had a cheaper dollar. But if we took a national pay cut in that fashion, we’d hardly applaud it as a great success of U.S. competitiveness. To the contrary, that’s an indicator that we have to choose between being able to sell our products to customers and paying our citizens well.

A competitive economy does both.”