In a recent Bloomberg News editorial, Henry R. Nothhaft opens with a statement that we have often pondered ourselves:

“Given how desperately the U.S. needs jobs, it’s amazing how little effort Congress and the president devote to revitalizing manufacturing, the most potent of all job creators.”

Nothhaft points out that politicans and opinionmakers have been operating on a false assumption for years:

"For more than 30 years now, economists and policy makers have instead worshipped the false God of “comparative advantage,” believing that the U.S. could prosper by specializing in innovation while letting China and other nations do the manufacturing."

He blames many of our past and current economic woes on our depleted manufacturing base…and rightfully so:

“The wholesale transfer of production offshore has also weakened the nation’s engine of employment, crippled its ability to bounce back from the recession and seriously eroded not only middle-class prosperity, but also our capacity to invent the products, and make the medical advances, of tomorrow.”

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