We all know what was chosen.
Eventually, tho', consumption must follow income. If the consumers in a geographical area cannot earn they cannot buy. The industries moving their factories will, eventually, find their profits are directly linked to wages.
One 'gotcha' is a $50k consumer needs 5 $10k consumers to pick-up the slack but it costs 5 times as much to get those 5 consumers. As the firms move into new territory they have no established customer base and establishing a market presence costs, as well. And these firms will be running against Chinese (to pick an example) firms that do not have bloated fixed expenses (e.g., $100 million CEO salaries) and capital costs. The 'Chinese' firms can provide the exact goods and services at much lower consumer cost.
Together, the firms moving their production to lower-cost countries are putting themselves out of business.
When the Federal Reserve started paying banks to borrow money after 9/11 the borrowers took that money and built factories in China. This means the money was used to create jobs in China not in the US. The follow-on was a loss of income and the necessity of (1) lowering consumpution - defeating the purpose of monetary expansion - or (2) borrowing to consume.
The Fed instituted a negative interest rate following 9/11 and maintained it for (around) 2 years. Source: Economist
...built factories in China. This means the money was used to create jobs in China not in the US...
Apparently you don't read the financial press. See many articles in the FT, WSJ, and Economist. And, in case you don't know, there is this obscure thing called "Supply and Demand". And - guess what! - if you buy a bunch of stuff from someone they (1) have to make it and (2) they have to hire people to make it and (3) they have to have a place to make it.
...The follow-on was a loss of income and the necessity of (1) lowering consumpution - defeating the purpose of monetary expansion - or (2) borrowing to consume.
Hot News Flash: the US consumer has been borrowing on their equity to fund current consumption.