What is the impact of lost manufacturing jobs on the rest of the economy?
Let's say you own a local restaurant. The folks who eat lunch there every day, or bring their family for dinner every Friday night-- those are your regular customers. They help to keep you in business.
But let's say those people lose their jobs. They can't afford to eat out any more. They stop coming to your restaurant. Your business declines. Then, you're out of business.
In a Business News Daily opinion piece, Jeanette Mulvey asks, "What happens when we lose our manufacturing jobs?"
In the last decade, America lost one third (5.73 million) of its manufacturing jobs. Where do you think those workers used to buy their groceries, get their cars fixed and go out to dinner? In your town. And, now, they are not. The impact of those job losses on the small business owners who depended on those employed workers to spend their money and help them pay their own employees is immeasurable.
Mulvey says part of the solution is for U.S. consumers to start buying American-made: "Ultimately, the power to bring back American jobs lies with every American armed with a credit card and a conscience."
1 comment
Related recent Blogs
- Generally favorable manufacturing survey for New York state • by scapozzola • 06/18/2013
- President Obama talks about China on Charlie Rose. • by scapozzola • 06/18/2013
- June 18, 2013 Headlines: Free trade in DC, defending surveillance tactics, and more. • by LRaup • 06/18/2013
- Checking-in from manufacturing conferences in Wisconsin • by LDonia • 06/17/2013
- Make the right choice for your pet -- buy American-made • by TGarland • 06/17/2013
- June 17, 2013 Headlines: Negotiation of a free trade deal, North Korea's proposition for the U.S., and more. • by LRaup • 06/17/2013
- June 14, 2013 Headline: France's trade agreement fears, thriving manufacturing plants, and more. • by LRaup • 06/14/2013
- June 14, 2013 Headline: France's trade agreement fears, thriving manufacturing plants, and more. • by LRaup • 06/14/2013
- Make Father's Day an American-made holiday! • by LDonia • 06/13/2013
- A Discussion on the Obama-Xi Summit • by TGarland • 06/13/2013
NY Times clueless
On Yahoo Finance today, quoting the NY Times in an article on whether the Fed should "do something":
The hope is that an additional reduction in rates will provide a little more encouragement for companies to build factories and hire workers and for consumers to buy cars and dishwashers.
Here the NY Times is saying we stimulate the economy so that we build factories. The reporter must be clueless. That never happens.
Can AAM compile how many factories have been built in the last ten years and compare it to those closed? And then look at this after stimulus/jobsbills/bailouts. I'll bet this stat is worse now than ever before.