U.S. Manufacturing Base Far From Dead
My First Diary Entry!
The US Manucturing Base is far from dead. Looking at some historical numbers we see:
Hat tip for this chart from Curious Cat Investment and Economics Blog at curiouscat.com where you can seek further detail on numbers. Chart Based on the latest UN Data, for global manufacturing, in billions of current US dollars.
This chart gives an overview on the scale of US manufacturing compared to other of the worlds industrialized economies. The sheer magnitude of U.S. manufacturing prowess is good to keep in mind when we start whining about how the US industrial base has disappeared offshore; is shrinking so fast that we will soon be overtaken by China, Brazil and India; or that unions are destroying same.
If you were to look at the 2008 manufacturing numbers per capita an even starker picture of how much each individual American produces emerges. From the World Fact Book 2008 we see:
USA Population estimate 2008: 301,139,967
China population estimate 2008: 1,321,851,888
Brazil population estimate 2008: 190,010,647
India population estimate 2008: 1,129,866,154
Lets round the population number to the nearest million and then look at manufacturing per capita, if I did my math correctly……we see:
USA per capita manufacturing dollar value: $6,083
China per capita manufacturing dollar value: $1,058
Brazil per capita manufacturing dollar value: $989
India per capita manufacturing dollar value: $210
The United States Manufacturing base is the largest in the world by any measure and American workers are the still the most productive in the world, and should remain so for a long time to come! Let’s us keep these numbers in mind, and in proper perspective, when we whine about losing all those jobs to offshore manufacturing or unions, which in 2006 were only 11.6% of the manufacturing workforce, destroying our manufacturing base, or that ANY other country will overtake the US in manufacturing per capita anytime soon.