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>I am skeptical of the Trump administration’s industrial policy approach. But I respect the that important policymakers have noticed we have lost the ability to
by rjkennedy98 7y ago
>I am skeptical of the Trump administration’s industrial policy approach. But I respect the that important policymakers have noticed we have lost the ability to make things.
As Julius Krein has written about extensively, this goes way beyond the nostalgia of wanting to "make things" again. When we started offshoring, it was under the assumption we would be moving UP the value chain to building more complex and advanced technology, but the reality is we are moving down. The 21st century "tech" job is an Uber driver. That is a terrible thing for America, and I fear that people continue to underestimate how massive a problem it is.
- sp332 7y agoHow does that jibe with the reality that manufacturing in the US continues to grow? https://fred.stlouisfed.org/series/OUTMS https://fred.stlouisfed.org/series/OUTMS
- banmeagaindan2 7y agoThe Fed's information is outdated for an arcane reason. Susan Houseman figured it out - listen to her interview on Econtalk. https://www.econtalk.org/susan-houseman-on-manufacturing/ https://www.econtalk.org/susan-houseman-on-manufacturing/ Almost all the growth in US manufacturing is in semiconductors. This wasn't obvious because economists made an accounting mistake when calculating trade flow. Everybody repeated the misinformation from the same source and so everybody is wrong. In my opinion this should have been headline news for weeks.