Many commenters seem to ignore the fact that lots of quality products produced in the USA at higher cost (higher wages) were exported at those high prices to countries who had a hard job paying for them.
Because of their high prices, competition naturally occurred in those international markets, which led to a downward pressure on USA product prices, and ultimately wages, and job offshoring.
Basically, the global economy is a cycle: the USA was, for the large part, first to benefit by selling "overpriced" (to other countries' standards) products, but markets have pushed those products out, before readmitting them at somewhat reduced prices.
It is to the benefit of the US production for wages and spending power to grow throughout the world, since that leads to increased exports at — now — affordable prices for the world! Heck, it's a tactic employed in both recent crises to get US products to sell (2008 and 2020, USD was at the lowest level compared to eg. EUR for a while): basically, by decreasing the international value of USD, you are increasing the spending power of other countries willing to buy US products.
The only thing uncertain is if we ever get to wage parity throughout the world (unlikely at 100%, but I think effects would be felt even at 50%), will we prosper or fall?
Because of their high prices, competition naturally occurred in those international markets, which led to a downward pressure on USA product prices, and ultimately wages, and job offshoring.
Basically, the global economy is a cycle: the USA was, for the large part, first to benefit by selling "overpriced" (to other countries' standards) products, but markets have pushed those products out, before readmitting them at somewhat reduced prices.
It is to the benefit of the US production for wages and spending power to grow throughout the world, since that leads to increased exports at — now — affordable prices for the world! Heck, it's a tactic employed in both recent crises to get US products to sell (2008 and 2020, USD was at the lowest level compared to eg. EUR for a while): basically, by decreasing the international value of USD, you are increasing the spending power of other countries willing to buy US products.
The only thing uncertain is if we ever get to wage parity throughout the world (unlikely at 100%, but I think effects would be felt even at 50%), will we prosper or fall?