|Quoting DocLightning (Reply 9):|
We have seen U.S. manufacturing moved offshore. We have seen Boeing lay off 4,000 people because they can't balance their books and think that employees are a cost, rather than an investment. We have seen a decimation of the U.S. manufacturing sector.
So forgive me if I can't take you seriously.
|Quoting DocLightning (Thread starter):|
For me, this is just another example of the way that the American executive class is destroying American manufacturing.
The US manufacturing sector is not decimated, in fact it's stronger than ever:
The character of that manufacturing has changed (it includes more high value and less basic manufacturing, more oil and less coal, etc.) but US manufacturing production is at an all time peak on a real (inflation - adjusted basis).
What is true is that manufacturing jobs are down about 7 million off their peak. There's a variety of reasons for that, starting with increases in productivity of 3x (i.e. the average worker is three times as productive as they were in 2016):
On top of that, you have the impact of regulations - broadly throughout the economy making smaller mom and pop startup manufacturing much harder - http://www.brookings.edu/~/media/res...siness_dynamism_hathaway_litan.pdf
as well as on specific industries like coal, whose jobs were killed by environmental regulations amongst others (note not saying this was a bad thing, just saying that it did kill jobs) https://research.stlouisfed.org/fred2/series/CES1021210001
A piece of this also is that many of the children of manufacturing workers went on to become knowledge workers and move into the upper income territory.
Finally, competition from foreign businesses (not just outsourcing but companies like Sony coming in and stealing market share) - this would be the fault of policy maker
Once you add all of those effects up, American executives proper maybe (maybe) drove 500k of the 7m decline in jobs, so even if you want to rail at them for that, they'd be far down the list.