When we run these big trade deficits and send our jobs offshore, we hold our wages down and our income down. That feeds right back into the biggest part of this whole equation, consumption. This drags GDP down as well.

When we run these big trade deficits and send our jobs offshore, we hold our wages down and our income down. That feeds right back into the biggest part of this whole equation, consumption. This drags GDP down as well.

We're going right down the toilet, and it's a made-in-China toilet. I teach MBAs. And I noticed, starting a few years after China joined the World Trade Organization, that a lot of my students were no longer employed. They were still coming to get their MBA, but they'd lost their jobs.

No one should be surprised just because somebody isn't successful 100 percent of the time.

If you've been to China, you know there are over 100 cities in China, and the pollution levels are just horrific - 60,000 people a year die in Chinese factories and facilities, because they don't have any safety regulations. It's a carnage; it's Dickensian.

In my movie, "Death By China," it shows Bill Clinton in 2000 promising that when China got into the World Trade Organization we would be making products here and selling them there, and life would be great. Just the opposite has happened. And here's why this has been so devastating - China went into the World Trade Organization and agreed to play by certain rules. Instead, it's violated these rules. For 15 years, it continues to illegally subsidize its exports.

China are running trade deficits with the rest of the world. If you look at the U.S. trade deficit, it's close to $800 billion trade in goods. Half of that is with China, so it's a big part of the problem. And the problem with China, as opposed to, say, Canada, is that China cheats.