ReMaking America takes a look back: 5 years ago
The bankruptcy of Lehman Brothers on September 15, 2008 marked the beginning of the 2008 global financial crisis.
It’s been five years since the "Great Recession" began. At the Alliance for American Manufacturing (AAM) we’re taking this week as an opportunity to evaluate how far the economic recovery has come.
In AAM’s new book ReMaking America AAM President Scott Paul details the dire economic situation the country faced :
Five years ago, American manufacturing was left for dead. It had dominated global industry for more than a century, but now the end seemed near. It’s not like America wasn’t manufacturing. We were. Lots of stuff. But consumers had a hard time finding American-made items like clothes, toys and electronics. Empty parking lots and padlocks defined places formerly occupied by hundreds of cars and animated by three shifts of hard work. And the news was all about layoffs, bankruptcies and outsourcing instead of innovation, expansion and investment.
So what’s the economic situation in manufacturing today?
Put simply, we have added half a million manufacturing jobs since 2010—340,000 new automobile jobs since June 2009. And most promising, the national conversation has refocused on the vital importance of American manufacturing.
But there’s more to the story. Check back this week for more details about how far our economy has come since the 2008 global financial crisis.
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