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Old 04-21-2017, 07:02 PM
 
2,775 posts, read 1,506,869 times
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I don't see the mystery.

"Real % GDP" is likely a syntax error.
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Old 04-22-2017, 10:34 PM
 
8,390 posts, read 7,382,268 times
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It is not that manufacturing is going down in this country. In just 3 decades manufacturing has doubled in this country.

Think nothing is made in America? Output has doubled in three decades - MarketWatch

What has happened, is the number of people required to do the manufacturing has greatly declined.

Example is the way they built automobiles in 1936 and it was not much different in the 1960s, when I toured a couple of auto plants.


https://www.youtube.com/watch?v=HPpTK2ezxL0

And how they do it today.


https://www.youtube.com/watch?v=i2VHyC2vws0


https://www.youtube.com/watch?v=8_lfxPI5ObM


https://www.youtube.com/watch?v=AVCCroN7vS0

Note how few people are needed to make a car today, compared to the past.

Even things like clothing manufacturing can now be automated.

Sewbo Robot Sews Up Automated Garment Manufacturing | Hackaday

It is not manufacturing that is declining, but the number of people required to do the jobs.

We will be manufacturing a lot more of the labor intensive goods in America again, but it will not supply many jobs.

Experts tell us, not to worry, as there will be jobs. Just different kinds of jobs will be available. They also tell us, that 50% of the jobs being filled in just 10 years, have not even been invented yet.
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Old 04-22-2017, 11:45 PM
 
Location: Ruidoso, NM
5,170 posts, read 4,739,754 times
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Quote:
Originally Posted by oldtrader View Post
What has happened, is the number of people required to do the manufacturing has greatly declined.
Which isn't a problem. The fact that we import a lot more than we export is a problem though.
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Old 04-23-2017, 02:36 AM
 
64,745 posts, read 66,247,630 times
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why ? the world has a lot to offer today in world class products .

decades ago the world had little to offer us . our auto manufacturers cranked out crap and we bought those little Japanese umbrellas you put in drinks .

today each country excells at something else . they do it better and cheaper than anyone else . we as consumers benefit with better , world class products , than we ever had before for our hard earned dollars .

it is nonsense thinking we should export more than we import . we are all globally linked now .

we only buy foreign products for one reason . they represent the better quality and value for our dollars because someone else does it better and cheaper .
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Old 04-23-2017, 05:37 AM
 
4,229 posts, read 1,909,438 times
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Quote:
Originally Posted by rruff View Post
"Real" typically corrects for CPI over time. The same time correction would be applied to both total GDP and manufacturing. So I still don't understand what "real % GDP" is supposed to mean.
The headline numbers you see for GDP are already real GDP. They are however adjusted by the GDP price-deflator, not by the CPI.
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Old 04-23-2017, 05:37 AM
 
Location: The Triad (NC)
26,878 posts, read 57,960,239 times
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Quote:
Originally Posted by OldTrader
What has happened, is the number of people required to do the manufacturing has greatly declined.
Maybe you're post will get through... mine didn't go anywhere.

Quote:
Originally Posted by rruff View Post
Which isn't a problem.
Of course it's a problem.
So long as we continue to produce a surplus of labor to do work that's no longer getting done here.

Quote:
The fact that we import a lot more than we export is a problem though.
Again... too simplistic.

It's about the nature of the products we import vs export...
and how that work done elsewhere meets other overall national goals.
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Old 04-23-2017, 05:45 AM
 
4,229 posts, read 1,909,438 times
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Quote:
Originally Posted by mathjak107 View Post
we only buy foreign products for one reason . they represent the better quality and value for our dollars because someone else does it better and cheaper .
[+] Ah, comparative advantage -- a whiff of actual economics. That sort of thing has become rather rare in this forum.
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Old 04-23-2017, 05:51 AM
 
4,229 posts, read 1,909,438 times
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Quote:
Originally Posted by MrRational View Post
Of course it's a problem. So long as we continue to produce a surplus of labor to do work that's no longer getting done here.
Actually, we continue to import labor -- legally and illegally -- in order to get the work done. We are indeed fortunate in comparison to many of our Asian and European friends in having a pool of young, healthy workers available and so conveniently located.
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Old 04-23-2017, 06:28 AM
 
Location: The Triad (NC)
26,878 posts, read 57,960,239 times
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Quote:
Originally Posted by Pub-911 View Post
Actually, we continue to import labor -- legally and illegally -- in order to get the work done.
You can't help but move the goalposts... can you?

To the degree that this "importing of labor" occurs, and how it occurs...
it is NOT because we don't have people available to do that no/low skilled work.
We have too many of them.

And you know it.
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Old 04-23-2017, 09:40 AM
 
Location: Ruidoso, NM
5,170 posts, read 4,739,754 times
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Quote:
Originally Posted by mathjak107 View Post
today each country excells at something else . they do it better and cheaper than anyone else . we as consumers benefit with better , world class products , than we ever had before for our hard earned dollars.
Real median incomes have been flat for 40 years. Incidentally this is right when the globalization project began.

When our real wages suddenly flatten like that, you can't pretend we are better off. GDP/capita doubled, it's just that all the gains went to a tiny fraction of the population.

We or any country doesn't want a perpetual trade deficit is because it necessarily depresses wages. Real wages. We aren't better off and we aren't getting cheaper goods, because our loss of income more than compensates.

Why is the US the only country doing this? We absorb the excess production of the entire world, while most other industrialized countries run a trade surplus.



https://www.tutor2u.net/economics/re...ade-imbalances

Someone has certainly gotten rich from this, but it isn't us.
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