What policy initiatives are needed to help manufacturing, a foundation of the US economy, prosper? Jared Bernstein, former principal economic advisor to Vice President Joseph Biden, and Grant D. Aldonas, former under secretary of commerce for international trade under George W.
Two widely read sources weighed in yesterday on the debate about how much America should focus on reviving the manufacturing sector. Both Matt Yglesias' "Forget the Factories" and Catherine Rampell's "Never Mind Factories. Think Services" argue that the recent promotion of the "factory sector" is wrong-headed and potentially counterproductive.
JOIN US. The Institute will launch our program on Manufacturing and Society in the 21st Century on October 28 with a lunchtime discussion about the influence of US trade policy on manufacturing, available live on our site at www.aspeninstitute.org/live.
Believe it or not, manufacturing jobs are not just something we subcontract to China. In fact, during the current economic crisis, manufacturing is helping to jumpstart the recovery—and it is likely to continue to do so as growth in finance, construction, and government services remains weak. Meanwhile, US exports are also on the rise. And, despite the conventional wisdom—that manufacturing has gone the way of agriculture in this country—the truth is: Manufacturing is now growing at twice the pace of the overall economy. In other words, it’s time to take a fresh look at an American institution.