Can Trump – or Anyone – Bring Back US Manufacturing?

US voters and politicians worry about the loss of manufacturing and assembly jobs, which carry a wage premium over most service jobs. Yet numerous economists and other analysis express doubt that such jobs can quickly be restored in the United States. “The biggest reason Trump — or anyone else — can’t bring back jobs is because there is nowhere to bring them back from,” notes an article from Knowledge@Wharton. “They have been lost in large part to the success of efficiency.” The US manufactures twice as many goods as it did in 1984 with one-third fewer workers, reports the US Federal Reserve. About 80 percent of the job loss can be attributed to technology and not offshoring. Stopping trade won’t help, and consumers seek bargains, balking at paying higher prices for products made by their fellow citizens. Societies cannot hope to restore old jobs that are no longer competitive in the global marketplace. Instead, people must adapt, pursuing useful skills and innovating. – YaleGlobal

Can Trump – or Anyone – Bring Back US Manufacturing?

Efficiency and automation, along with offshoring, have reduced US manufacturing jobs – and few analysts expect such jobs to return
Thursday, December 8, 2016
All materials copyright of the Wharton School of the University of Pennsylvania.

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