youbet said:How are you measuring that?
"Another interesting factoid from the BEA data is that corporate profits from manufacturing have increased 867% (6% CAGR) over the past 35 years."
Robots & CNC mills don't need healthcare or retirement plans.youbet said:I am NOT screaming for protectionism. But I am saying that there are serious issues regarding the manufacturing sector's health as measured by jobs.
youbet said:From the Congressional Budget Office......
"The manufacturing sector of the U.S. economy has experienced substantial job losses over the past several years. In January 2004, the number of such jobs stood at 14.3 million, down by 3.0 million jobs, or 17.5 percent, since July 2000 and about 5.2 million since the historical peak in 1979. Employment in manufacturing was its lowest since July 1950 "
I am NOT screaming for protectionism. But I am saying that there are serious issues regarding the manufacturing sector's health as measured by jobs.
When we talk of the manufacturing sector's profits being up, I think of it like this: If the forest products industry geared up and clear cut all of our forests (everything, federal lands, state parks, city parks, residential areas, etc.), they would reap high profits. But would you say the forest products industry is healthy going forward?
TromboneAl said:If this thread had been about individuals instead of countries, it would have stayed on the topic of net worth rather than income. If someone said that his net worth was -40K, we wouldn't have said that his income is more important.
Why isn't a country's account balance important?
al_bundy said:expanding manufacturing jobs isn't the key since things are becoming more efficient and like agriculture we need less people to produce stuff. This is the 21st century
TromboneAl said:What about the interest they need to pay on their loans? That could be used for something else.
TromboneAl said:With reply #1, this thread topic changed from the USA's account balance to discussions about GDP, etc.
If this thread had been about individuals instead of countries, it would have stayed on the topic of net worth rather than income. If someone said that his net worth was -40K, we wouldn't have said that his income is more important.
Why isn't a country's account balance important?
brewer12345 said:3Yrs, that's pretty funny. Corporate profits doesn't necessarily mean that the sector is healthy in the way most Merkins would think of it. How about employment? Average real wage? How about looking at the last 5 or 10 years, not 35 (conveniently starting in the early 70s when the economy was in the midst of the inflationary spiral)? Take a road trip to Ohio, Indiana, Michigan, etc.
MasterBlaster said:Yet another misleading statistic...
Inflation alone as measured by the CPI accounts for over 500 percent of that 867 number.
Normal people would put it something like... Inflation adjusted profits for manufacturing are up around 60 percent since 1970.
That is not as great a headline for the NY times though.
Or are we to conclude...
Those jerk companies are rolling in the dough so we need to take all that money from them. Where's my congressman ! We need justice !
3 Yrs to Go said:The "Problem" that people keep referencing isn't that manufacturing is declining in absolute terms, but relative to the rest of the economy. In other words, the rest of the economy is growing much more quickly then is manufacturing. As a result manufacturing's share of the economy declines.
youbet said:You seem confused. The "problem" people keep referencing is that manufacturing jobs are disappearing and being replaced by dramatically lower paying service sector jobs. I understand that someone like yourself has absolutely no connection to what the "people" are saying. But you need to try to understand that the feelings of the American public might be different than that of a finance show "talking head."
Start a little later (20, 25 years ago) and exclude the top quintile, and it hasn't. Upper income households have been doing great, middle class Americans not.Scrooge said:Real median houshold income has been growing for the last 40 years
youbet said:You seem confused. The "problem" people keep referencing is that manufacturing jobs are disappearing and being replaced by dramatically lower paying service sector jobs. I understand that someone like yourself has absolutely no connection to what the "people" are saying. But you need to try to understand that the feelings of the American public might be different than that of a finance show "talking head."
We have the state of the economy and we have the state of society. Different but overlapping. Jobs are an important part of that overlap.
astromeria said:Start a little later (20, 25 years ago) and exclude the top quintile, and it hasn't. Upper income households have been doing great, middle class Americans not.
youbet said:You seem confused. The "problem" people keep referencing is that manufacturing jobs are disappearing and being replaced by dramatically lower paying service sector jobs.
3 Yrs to Go said:I guess that is why I won't be retiring until the ripe old age of 38.
youbet said:Gee, that's impressive! But what's keeping you from stepping out of the harness sooner? What obstacles do you need to overcome to achieve FIRE? Why can't you do it NOW?
youbet said:Gee, that's impressive! But what's keeping you from stepping out of the harness sooner? What obstacles do you need to overcome to achieve FIRE? Why can't you do it NOW?