Reminiscences Of An American Industrial Nation - How In A Few Short Years America Lost Its Manufacturing Sector
Some time ago, there was a lengthy debate as to why anyone even cares
about the manufacturing ISM number. After all America is now by and far a
service economy. Obviously, that debate ended in a stalemate.
Nonetheless, the sad truth is that with each passing year America is losing ever more of its once dominant industrial advantage, and with
the chief export being "financial innovation", should the world
experience another risk flare up it is very likely that the world will
enforce an embargo on any future US "imports" and the country's current
account deficit will drop to a level from which there is no recovery. So
for those who are still not convinced of just how serious the
deterioration is, The Economic Collapse blog has compiled this handy list of 19 fact that demonstrate the deindustrialization of America in all its glory.
#5 According to a new study conducted by the
Economic Policy Institute, if the U.S. trade deficit with China
continues to increase at its current rate, the U.S. economy will lose over half a million jobs this year alone.
#6 As of the end of July, the U.S. trade deficit with China had risen 18 percent compared to the same time period a year ago.
#8 According to Tax Notes,
between 1999 and 2008 employment at the foreign affiliates of U.S.
parent companies increased an astounding 30 percent to 10.1 million.
During that exact same time period, U.S. employment at American
multinational corporations declined 8 percent to 21.1 million.
#10 Ford Motor Company recently announced the closure of a factory that produces the Ford Ranger in
St. Paul, Minnesota. Approximately 750 good paying middle class jobs
are going to be lost because making Ford Rangers in Minnesota does not
fit in with Ford's new "global" manufacturing strategy.
So how many tens of thousands more factories do we need to lose before we do something about it?
How many millions more Americans are going to become unemployed
before we all admit that we have a very, very serious problem on our
How many more trillions of dollars are going to leave the country
before we realize that we are losing wealth at a pace that is killing
How many once great manufacturing cities are going to become rotting
war zones like Detroit before we understand that we are committing
national economic suicide?
The deindustrialization of America is a national crisis. It needs to be treated like one.
If you disagree with this article, I have a direct challenge for
you. If anyone can explain how a deindustrialized America has any kind
of viable economic future, please do so below in the comments section.
America is in deep, deep trouble folks. It is time to wake up.