Daily Business Report

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From An Industrial Economy To A Paper Economy – The Stunning Decline Of Manufacturing In America Posted: 06 Sep 2016 06:29 AM PDT Why does it seem like almost everything is made in China these days?  Yesterday I was looking at some pencils that we had laying around the house and I noticed that they had been manufactured in China.  I remarked to my wife that it was such a shame that they don't make pencils in the United States anymore.  At another point during the day, I turned over my television remote and I noticed that it also had "Made In China" engraved on it.  It is still Labor Day as I write this article, and so I think that it is quite appropriate to write about our transition from an industrial economy to a paper economy today.  Since the year 2000, the United States has lost five million manufacturing jobs even though our population has grown substantially since that time.  Manufacturing in America is in a state of stunning decline, our economic infrastructure is being absolutely gutted, and our formerly great manufacturing cities are in an advanced state of decay.  We consume far more wealth than we produce, and the only way that we are able to do this is by taking on massive amounts of debt.  But is our debt-based paper economy sustainable in the long run? Back in 1960, 24 percent of all American workers worked in manufacturing.  Today, that number has shriveled all the way down to just 8 percent.  CNN is calling it "the Great Shift"… In 1960, about one in four American workers had a job in manufacturing. Today fewer than one in 10 are employed in the sector, according to government data. Call it the Great Shift. Workers transitioned from the fields to the factories. Now they are moving from factories to service counters and health care centers. The fastest growing jobs in America now are nurses, personal care aides, cooks, waiters, retail salespersons and operations managers. No wonder the middle class is shrinking so rapidly.  There aren't too many cooks, waiters or retail salespersons that can support a middle class family. Since the turn of the century, we have lost more than 50,000 manufacturing facilities.  Meanwhile, tens of thousands of gleaming new factories have been erected in places like China. Does anyone else see something wrong with this picture? Read the entire article

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