How much better would American manufacturing be wig the 55,000 factories closed since 2001 had stayed open?
The charts in the article use Real GDP as measured by the BEA.
Here are two interesting facts to be considered when looking at the charts:
01. Beginning in the mid 80's inflation has been creatively enhanced to under report which in turn means real output if over reported.
The Blue equals Inlfation as measured without enhancements:
02. Per BEA definition :
"..... Gross output can also be measured as the sum of an industry's value added and intermediate inputs. Value added (i.e. GDP) consists of compensation of employees, taxes on production and imports, less subsidies, and gross operating surplus. Intermediate inputs refer to the value of both foreign and domestically produced goods and services - See more at: http://www.bea.gov/faq/index.cfm?faq_id=1034#sthash.WQbF5A04.dpuf..."