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One of the biggest misconceptions about the U.S. economy is that "we don’t make anything...

One of the biggest misconceptions about the U.S. economy is that "we don’t make anything anymore" - not only is it not true, Eddy Elfenbein writes, "it’s very not true." U.S. industrial production has jumped more than 70% in 25 years; far fewer people work in the sector, but with far more efficiency.
Comments (5)
  • Kevin Flynn, CFA
    , contributor
    Comments (645) | Send Message
     
    it's only a 2% annual growth rate over 25 years, and most of it came before the year 2000.
    16 Feb 2012, 07:24 PM Reply Like
  • Glocks-n-Gold
    , contributor
    Comments (193) | Send Message
     
    With 23% real unemployment, what we don't need right now is more efficiency....just another example of the "change" that the messiah has brought.
    16 Feb 2012, 07:29 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3348) | Send Message
     
    That change has been occuring for centuries. New economies are always rushing at us.
    16 Feb 2012, 08:16 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3533) | Send Message
     
    Sounds like what happened in agriculture in the last century. Fewer workers with more output. Lots of people left with no option but to sell dope.
    16 Feb 2012, 11:53 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3348) | Send Message
     
    And that is the price we pay for technology. Know a kid with an engineering degree that was offered a job working for Budweiser. Eighty workers ran three shifts on the bottling line. And most are tech grads. He declined the job and was offered more money (still didn't take it). That's where manufacturing jobs have been heading for a decade or two.
    17 Feb 2012, 07:36 AM Reply Like
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