Not really satire John. But kudos to you for this gem.
Brilliant!
Is there any problem with competing with South Korea, Japan, Germany for high tech manufacturing jobs?
Maybe more tech and vocational programs and less Queer Studies.
I know this article is satire; however, couldn’t resist the chance to kick Janet, the lovely and stupid treasury gnome.
She knows about as much about monetary matters as a sow knows about lipstick.
Does anyone else see why Yellen should never have been elevated to Secretary of the Treasury. Also, under her watch, $5 trillion were paid out but no records kept of who it was paid to or why. She should be brought to trial for malfeasance.
Bob Noyce at Intel tried to setup SemiTech back in the 80’s to bring chip manufacturing back to the USA.
It cost him his life at 62.
I was there when the news came out at Intel.
That day a great light went out.
And people are wondering why our stock market has corrected from Biden era valuations.
First my view is based on being a professional engineer for over 50 years (understanding a lot about manufacturing) and a lengthy discussion I had in China a few years ago with a man who owned a low voltage electrical connector manufacturing company that exported to the US and the EU.
First manufacturing is not one size fits all. When one talks about manufacturing on an assembly line basis there are basically three types. The one I think that this article refers to is the use of low cost workers to perform highly variable assembly work. The second type is the other extreme, which is totally automated manufacturing. Think of bottling plants, or factories that manufacture screws or bolts. This involves virtually no labor for the assembly, but highly skilled labor for quality control, programming, and machines maintenance. The third type of manufacturing involves a lot of similar assemblies, but with some variations. This is usually used for things such as automobiles and is performed mostly by robotics. Again, very little low skills required for mostly moving parts and moving assembled products; but high skills for robot programming and maintenance.
One of the things I learned in China was that the “low wage” labor that helped found much of China's manufacturing is no longer “low wage.” That work and that manufacturing had (as of a few years ago) been transferred to factories in Vietnam, Thailand, etc.
So China is going to be loosing low wage and low skill manufacturing jobs to other countries.
Now the question is can the US regain manufacturing jobs? The answer is sort of. Robotic or in the alternative fully automated manufacturing can be brought back to the USA and the jobs associated with that. However, that will not be the 1960’s automotive assembly line types of jobs. Instead it will be machine programming, quality control, technical equipment maintenance jobs. So there will be less of them but they will pay very well........for those with the skills to perform them.
Now the critical issue is the American Education system. Will the American Education system produce math/statistic/programming skilled workers needed to the two more automated manufacturing systems? I am not sure it can and I do not see tax benefits for employers to invest heavily in educating and training their employees. This worker education challenge is what China and the US will face to bring back manufacturing jobs. The cost of US labor will always be much higher than 3rd world countries. That means hand assembly manufacturing jobs will likely never return in high numbers to the USA.
Janet Yellen cannot be this dumb but she is.
She was in Africa last year and was meeting with villagers next to their straw huts talking about how they can affect climate change...