There is more to the current recession than subprime and tightening credit markets. A major contributor to our current debt ridden, import dependent way of life is America’s abandonment of manufacturing….
From the Detroit Free Press
“As the U.S. economy slides inexorably toward recession, China continues to boom. A major reason for this stunning divergence in fortunes is the ongoing transfer of millions of American manufacturing jobs to China. To restore the health of the American economy, it follows that we must resuscitate our once dominant manufacturing sector and reclaim those jobs.
Unfortunately, the importance of U.S. manufacturing as an anti-recessionary tool has been totally lost on both Washington policymakers and our bumper crop of presidential candidates. This is true even as the Midwest and many other heavy manufacturing pockets of the country continue to endure some of the hardest times in 50 years.
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The most productive, literally, anti-recession tool would be to restore America's competitive manufacturing edge. For those who have little faith in American industry's ability to compete, consider the remarkable technological makeover of the Rust Belt steel industry, which has been one of the hottest plays on Wall Street for the past five years. This industry has added $350 billion and 1.2 million direct and indirect jobs to the economy.
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