Death of manufacturing in the US, no doubt the cause.
This has been going on for decades. My dad ran a company that sold industrial measuring equipment, like gauges, flowmeters, mononometers, etc...; things used in manufacturing plants to regulate processes. Back when there was a large manufacturing base in the midwest, his company did very well. And we lived well. But starting in the mid-1980’s, the business started withering away. My brother and mom tried to keep it going after dad died, but it was already in decline. They finally closed it up about five years ago.
I know economies “evolve” and you have to adapt to keep up. But there are some basic things that don’t change. The only way you create wealth is mine, grow or make something, then sell it. Strip malls with nail salons and sandwich shops don’t create wealth.
Now how do you create wealth with Poland with a 18% corp. tax, or compete against China? The dunnderheads in Washington have no idea on your plan to create wealth. They will create wealth for their kids as rain makers or traders on the Carbon Exchange selling and buying credits.
6 years at U of M studying engineering? Na, too pedestrian, when you and I know that degree and some seed corn designing and developing a product would make America Stronger.