re: #231 Gus 802

That’s another thing I wanted to touch on. People keep talking about our manufacturing base disappearing over to China. It’s not true. Our manufacturing capacity, both in raw terms and in dollar value, has hugely increased. What hasn’t increased— what has disappeared— are manufacturing jobs, since our manufacturing is now highly automated and US worker productivity is amazing.

midwest.chicagofedblogs.org

This is good news, in a way, since it means that the US as a nation has huge manufacturing power.

This is bad news, in that this means that the owners of those companies are making much more with far fewer jobs, and that that trend continues; manufacturers main aim is to increase efficiency in productivity-per-worker, meaning fewer workers, and fewer jobs.

So, those particular owners get richer and eliminate jobs simultaneously, rather than creating jobs with that wealth.