You are so right about manufacturing. It was in past recessions that manufacturing is what got us out of the whole and jump started the economy.
That it did and this powerful engine of true wealth no longer packs much punch in firing up the economy today.
It's all service now in America and the field of competition in these low margin businesses just keeps on increasing. Case in point, at a local food mart/strip mall in my area there are 3 Hair Cut joints and 2 Tanning Salons. Just a couple of years ago, there was only one barber shop and no tanning salons.
I went to one of these barber shops the other day and was the only one there. When I asked how business was the hair stylist replied that it was real slow. Yeah, no wonder. Everyone is trying to crowd into the same service businesses. Next year one of these shops will probably close and be replaced with yet another junk food joint.
America's “New” Economy.....