The U.S. economy needs its industrial sector to keep exporting
Here's an interesting "Fact of the Week," courtesy of the Information Technology and Innovation Foundation (ITIF).
According to data from the U.S. Bureau of the Census, manufacturing accounts for 57 percent of U.S. exports.
This is an interesting item since it demonstrates that manufacturing, not the services sector, is responsible for most of America's exports. Sounds sensible, right? Actually, it rebuts recent prevailing wisdom. As the ITIF explains:
Some economists argue that the decline in manufacturing is not a big deal because the future of the U.S. economy rests with services. They contend the decline in manufacturing does not constitute a deleterious threat to the U.S. economy. But a competitive manufacturing sector remains essential for U.S. prosperity. A principal reason is that manufacturing accounts for 57 percent of U.S. exports.
The ITIF also points out that "the United States will not be able to close its trade deficit without a globally competitive manufacturing sector."
We completely agree, and, just like the ITIF, we believe the U.S. needs to adopt a concerted national manufacturing strategy.
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