As long as both parties focus on the stock market and financial engineering, manufacturing cannot survive. I spent 40 years in manufacturing. Just went to my college reunion. All the engineers that switched to financial sales and advice are now worth 100-200 x more than me……and I graduated at top of dept in on,y 3 years from on of top 10 Chemical engineering schools in the country. Our congress can’t even pass a no stock trading rule (forget Trump 3,711 trades last reporting period. We need Mike Rowe as head of Commerce department.
The best example of Bessent's point is the extraordinary mobilization of industry for WW2. We had a robust manufacturing base in the civilian sector. Kaiser pivoted from civil engineering to producing massive numbers of ships building the shipyards first. We would be hard pressed to do that today.
Another day, another attempt by Oren to apply lipstick to the DonOrenomics pig. As consumer confidence and manufacturing employment wane while inflation and interest rates rise, Oren stands at the ready to retrofit an intellectual veneer on the actions of the leader of the "new" right. How dutiful.
Perhaps in time their America Alone strategery will extricate us from the hellhole that they've preached is modern day America. Keep the faith!
It is not entirely clear to me whether Oren is more concerned about manufacturing itself or manufacturing employment. I agree that we need to manufacture more, but, with increasing automation and rapidly advancing AI, it is not clear that more manufacturing will generate a great deal of employment. Does Oren think that more manufacturing will yield large numbers of well- paying jobs (as it did in the past)?
Resiliency is important. But can that sentiment go too far? Fortress America? America alone? These are misguided ideas in my opinion. Also the paste is out of the tube, train has left the station… pick your metaphor. But this article harkens back to Reagan and that was the 80s like 1980s when outsourcing really ramped up. The wave of globalization has happened! I would argue it was always going to happen. That said, being resilient and less dependent on unreliable even manipulative countries is an important issue! But why does Oren think it’s okay to destroy our relations with our dependable allies; countries like Canada and Mexico that we could be in concert with for our production needs? Did Ricardo miss on all economic metrics? Is comparative advantage a completely false theory? Any sane person sees the two countries at our borders and says to themselves- “boy we have a pretty decent neighborhood”! Not to mention the ability to work with the EU and even many countries in Asia or the global south. We all know the sketchy countries in terms of trust and malevolence. Why are we shunning the reliable places that could help us form a bulwark against mischief? We have allies that could provide us unity towards economic resilience.
As long as both parties focus on the stock market and financial engineering, manufacturing cannot survive. I spent 40 years in manufacturing. Just went to my college reunion. All the engineers that switched to financial sales and advice are now worth 100-200 x more than me……and I graduated at top of dept in on,y 3 years from on of top 10 Chemical engineering schools in the country. Our congress can’t even pass a no stock trading rule (forget Trump 3,711 trades last reporting period. We need Mike Rowe as head of Commerce department.
I agree with you about Mike Rowe!
The best example of Bessent's point is the extraordinary mobilization of industry for WW2. We had a robust manufacturing base in the civilian sector. Kaiser pivoted from civil engineering to producing massive numbers of ships building the shipyards first. We would be hard pressed to do that today.
Another day, another attempt by Oren to apply lipstick to the DonOrenomics pig. As consumer confidence and manufacturing employment wane while inflation and interest rates rise, Oren stands at the ready to retrofit an intellectual veneer on the actions of the leader of the "new" right. How dutiful.
Perhaps in time their America Alone strategery will extricate us from the hellhole that they've preached is modern day America. Keep the faith!
It is not entirely clear to me whether Oren is more concerned about manufacturing itself or manufacturing employment. I agree that we need to manufacture more, but, with increasing automation and rapidly advancing AI, it is not clear that more manufacturing will generate a great deal of employment. Does Oren think that more manufacturing will yield large numbers of well- paying jobs (as it did in the past)?
Resiliency is important. But can that sentiment go too far? Fortress America? America alone? These are misguided ideas in my opinion. Also the paste is out of the tube, train has left the station… pick your metaphor. But this article harkens back to Reagan and that was the 80s like 1980s when outsourcing really ramped up. The wave of globalization has happened! I would argue it was always going to happen. That said, being resilient and less dependent on unreliable even manipulative countries is an important issue! But why does Oren think it’s okay to destroy our relations with our dependable allies; countries like Canada and Mexico that we could be in concert with for our production needs? Did Ricardo miss on all economic metrics? Is comparative advantage a completely false theory? Any sane person sees the two countries at our borders and says to themselves- “boy we have a pretty decent neighborhood”! Not to mention the ability to work with the EU and even many countries in Asia or the global south. We all know the sketchy countries in terms of trust and malevolence. Why are we shunning the reliable places that could help us form a bulwark against mischief? We have allies that could provide us unity towards economic resilience.