Obama Talks Up the Production Economy

We (and by ‘we’ I mean my friends at the Progressive Policy Institute) have been talking a lot recently about the need for the U.S. to shift from a consumer economy to a production economy. (See for example here, here and here).

We are mighty pleased to see President Obama shifting in that direction. Here’s a quote from one of his latest speeches.

…over the last decade, we became a country that relied too much on what we bought and consumed. We racked up a lot of debt, but we didn’t create many jobs at all.

If we want an economy that’s built to last and built to compete, we have to change that. We have to restore America’s manufacturing might, which is what helped us build the largest middle-class in history. That’s why we chose to pull the auto industry back from the brink, saving hundreds of thousands of jobs in the process. And that’s why we’re investing in the next generation of high-tech, American manufacturing.

That’s a production economy, Mr. President.

 

Comments

  1. Why stop at manufacturing? Let’s “invest” in agriculture too! Forget the fact that information jobs account for almost half of all wages, while manufacturing only clocks in at 20% and agriculture at less than 1%. Let’s double down on all the sectors that are being outsourced and will disappear altogether in the coming years, because there are billions of Indians and Chinese willing to do that manufacturing work for much lower wages. Let’s throw even more taxpayer money at incredibly stupid ideas, that’s all we seem to do these days.

    As McCain said in Michigan four years ago, those jobs are never coming back: we might as well realize that and move on.

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