“It is wrong to suppose that manufacturing-based economic nationalism is a route to higher incomes or better standards of living for the middle class,” Summers said. And he is talking about Biden and not Trump? Just what has Biden done to bring manufacturing back to the US?
Summers is right in one regard.
As long as trivial nonessential employment can pay more than manufacturing employment, nothing will change. People aren’t stupid they follow the money.
The big problem that could occur in the future, is if foreign producers head in our direction and start to value nonessential employment over the essential industries that are needed to maintain our level of civilization.
Where Summers is completely lost and wrong is his weak effort to blame inflation on anything to do with the manufacturing sector.
The bloated employment compensation that Summers has received over his lifetime, is a lot more inflationary than any payout to anybody employed in manufacturing.
Summers is “testing the waters” for future scapegoats for what’s coming down the economic pike.