Jacoby disproves the myth that we don’t make anything anymore.
We make more stuff than ever with less people, the age of automation is upon us. The only way to compete with low wage oversea work forces is to automate everything. This is exactly what has been done.
The more important question is how much of the industrial base that is key to our long term economic health have we shipped overseas simply so we can make more short term profit. This requires strategic thinking to address. The Chinese are strategic thinkers, they have systematically taken low tech industry and moved up the ladder into high tech industry. It is only a matter of time before they are cranking out autos, planes, and space vehicles because we thought it was a great idea to outsource everything. Their star is rising and ours is falling because we have foolishly allowed greed and stupidity by our financial and political class to undermine our countries long term economic health.
Listening to the uneducated masses (which includes liberals) you’d think that a pencil maker job is more important than a brain surgeon ob.
But there are millions of young Americans who do not aspire to become anything of worth, unfortunately. Obama wants us to spread our wealth around to support these lazy bums who consume the products that the rest of us make.
American corporations’ overseas manufacturing output continues to rise. Such great news!