Conventional Wisdom is Wrong Again

It is amazing how many things that we Americans believe turn out not to be true. For example, everyone "knows" that stuff made in China is taking over the marketplace, presumably destroying American businesses and jobs. So read the article today in the Los Angeles Times entitled Sticker shock: 'Made in China' ranks only 2.7% of U.S. spending

Yup, according to a recent government survey, only about 2.7% of US personal consumption spending went to "made in China" products. And even for those items that were made in China, perhaps half or more of what a consumer paid went to US services (trucking costs, merchandising costs, advertising, etc.).

So much for "conventional wisdom". I wonder how many other things we all believe are also wrong...........