Tag Archive for ‘Manufacturing’
President Barack H. Obama, if current trends continue, will become the first Democrat to preside over a net national loss in domestic manufacturing jobs since the Bureau of Labor Statistics started reporting monthly employment data in 1939. Seven percent of manufacturing jobs nationwide (873,000) have disappeared since Obama took office.
For those who can yet recall the backyard blast furnaces of Mao’s China in the 1950s and the Great Proletarian Cultural Revolution to re-instill peasant values in the 1970s, the news was jarring.
In 2011, said the Financial Times, China will surpass the United States as first manufacturing power, a title America has held since surpassing Great Britain around 1890.
In 1960, my father attended what was then Case Institute of Technology. Even though it was the most expensive school in Ohio, he was able to pay his tuition with his summer jobs. When he graduated, mechanical engineers were in demand; American manufacturing was booming, and the jobs being offered to good young engineers generally included the promise of a pension and the expectation of job security.
Though Bush 41 and Bush 43 often disagreed, one issue did unite them both with Bill Clinton: protectionism.
Globalists all, they rejected any federal measure to protect America’s industrial base, economic independence or the wages of U.S. workers.
Understandably, Republicans are seething. When Hank Paulson demanded $700 billion to haul away the trash in the dumpsters of JPMorgan Chase and Goldman Sachs—assuring us we could hold a garage sale of the junk—they rebelled. They acted as the nation, by 100 to one, demanded. They killed the Wall Street bailout. The Dow quickly sank another 1,000 points, and, charged with criminal irresponsibility by the elites, the GOP buckled, reversed itself, rescued the bailout—and was wiped out on Nov. 4.
Now we hear from Paulson that the $700 billion Congress voted will not, after all, be used to buy up all that rotten paper on the books of the big banks. Some banks are using the cash to buy other banks.
So Republicans are right to be enraged. They are victims of the biggest bait-and-switch in political history. But they are now about to do something terminally stupid.
Dean Olson, the chairman of Rockford Acromatic Products, an after-market auto-parts manufacturer, is a longtime supporter of Republican candidates. Still, he is not optimistic about the November election: “Even though the Democrats are in full rout, we’re not able to mount an effective challenge. I don’t see the leadership there.”
The U.S. economy has shown strong signs of a turn-around. The President’s tax cuts have helped Americans turn an important corner. Many parts of our economy have regained their strength and have surged ahead with new vitality.
However, too many Americans need jobs. Many of these jobs have gone overseas, the result of outsourcing and offshoring trends seeking cheap labor.