I posted some figures on this subject on another thread a few days ago. Turns out the peak of U.S. manufacturing employment was in the late 1970s during the Carter administration. Most people who were alive back then will tell you that it was the lowest point of this country in their lifetimes.
“The U.S. has run up trade deficits with countries that are no threat to us at all.”
Like many issues it is matter of degree. It is of no consequence if we run a major deficit with Costa Rica. It is a whole different matter with China. Particularly when they have decided to build a blue water navy and turn coral islands into aircraft carriers.
“That’s the only reason a silly term like “Arsenal of Democracy” ever meant anything in the first place. “
I take it your knowledge of American industry’s role in WWII is on the meager side. The Pentagon still maintained offices dedicated to keeping tabs on our industrial ability in the 60s when my father was stationed there. Maybe no one cares anymore, the invisible hand will defend us.
” Most people who were alive back then will tell you that it was the lowest point of this country in their lifetimes.”
I was working then. Didn’t care for Carter one bit. But if you had a job it was better than if you didn’t, something ignored by those indifferent to the hollowing out of American manufacturing. And of course once Reagan took office and the foolish price controls of Nixon and Carter were gone those businesses were able to prosper. Except maybe for oil and gold which took a beating.