I'd like to see all the protectionists, China-haters, and anti-greedy corporation types comment on this.
The only thing that has declined in manufacturing is employment because people cost too much.
In fact, if you look at the 5 million decline in manufacturing employment, you can attribute almost all of it to unionized industries like automotive.
I’m not too found of China...
But I don’t think they are “stealing” all the jobs.
We just have way better jobs.
In fact, if you look at the 5 million decline in manufacturing employment, you can attribute almost all of it to unionized industries like automotive.
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We have a polyester fiber and pet resin plant here that was built early in the 1970’s and it is running with a small fraction of the number of people who used to work there. The parking lot that used to be filled to overflow now has room to hold a demolition derby. The workers have an income adjusted for inflation that is maybe half of what it used to be. I mean that seriously, less than three years ago some departments were actually paying about half in nominal terms of what the pay used to be. They had to raise the pay a little to keep new people coming in but most still leave before they actually learn the job. The company is teetering on the edge and will probably soon join the list of used to be manufacturers.
The good old numbers game. It doesn't mean, as your abbreviated post would have people believe, that we manufacture more. It means it's worth more based on some imaginary number.
Most of the factory work is done is done by robots..