Posted on 11/22/2017 8:12:25 PM PST by 2ndDivisionVet
The U.S. manufacturing sector has weathered a bumpy road over the course of the past two decades – but successfully righting the country's industrial ship would mean an economic windfall of $530 billion, according to a new report from The McKinsey Global Institute.
McKinsey put out a lengthy report last week profiling the past several years of U.S. manufacturing malaise – noting that only a few sectors, like "pharmaceuticals, electronics and aerospace" have emerged relatively unscathed.
"Some industries staged a modest demand-driven recovery between 2010 and 2015. But growth in overall U.S. manufacturing output has been slowing for two decades, with little net increase during the most recent decade," the report said. "Today there are roughly 25 percent fewer U.S. manufacturing firms and plants than there were in 1997, reflecting not only closures but also fewer manufacturing startups. Along the way, the sector has shed roughly one-third of its jobs."
The sector's decline has been bad news for America's international standing, as "low-cost contract manufacturers in locations such as Mexico, China, Vietnam and Bangladesh" gained market share. It's also contributed to an erosion of the U.S. middle class, eaten away at economic growth and – along with a rise in automation – contributed to significant job losses. There were more than 5 million fewer manufacturing workers in the U.S. last month than there were 20 years prior in October 1997, according to the Bureau of Labor Statistics....
(Excerpt) Read more at usnews.com ...
Either way, I am sure all the communists in America would not appreciate it.
I am surprised that they mention President Trump in the article. I guess it is Thanksgiving weekend so it will not be read by as many people.
Makes me sick to see the left get away with all their lying crap. I hope Trump is just getting started.
Yeeehaaa! We can tax it and spend it in DC.
It’s kind of disheartening to learn “Want something of traditionally good quality? Get it from China!”
And the few niche USA manufacturers are swamped, but the so called wise money doesn’t seem to want to give them the time of day.
It’s up to who goes to Congress, whether we keep on sending fools there.
We would need to get about 12 million working-age males presently out of the labor force, back into jobs, rather than sitting at home or in their parents’ basements.
Or draft them to relieve that pressure.
I would believe this if it were 1940. If you watch more than two episodes of how it’s made, you will see why this was untrue with Carriers Christmas cash last year.. They spent a portion of their cash on automation. Of the jobs that stayed in Indy it costed taxpayers an additional bundle..
So how much state and federal money did Carrier get via bailout and tax Breaks? Any real conservative would call all of this taxpayer rip offs waste.
Here,S the kicker, even. In my industry smaller companies are automating.
Red tape and other quandaries delay implementation of developments waiting in the wings. Getting a new energy source to market to low-ball all current options, could supercharge manufacturing through cost reduction of the resource feeds. NG has been good. More is needed.
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