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You’ve heard people complain “America Doesn’t Build Stuff Anymore!” But Tom explains why that’s not really true. As REASON points out, the US currently manufactures more than double what it did at its peak manufacturing employment in the 1970’s…And it’s all thanks to technology and efficiency.
This is the wrong metric. I want to know what we're making as a percentage of the world's total output now versus the '70s. If we're falling behind on that, that's what's costing us jobs, not automation. Also, how much sense does it make that we can produce 2.5 times more with 10% of the labor force, but still be twice as expensive as China's workforce? Something doesn't add up here.