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Pastimes : Observations and Collectables
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To: skinowski who wrote (266)8/15/2006 6:40:49 PM
From: TimF  Read Replies (1) of 17073
 
I have to disagree with the idea that we have a hollowed out manufacturing base in this country. Manufacturing output in inflation adjusted dollars has continued to climb over the years. Less people are employed in manufacturing, but that's because of higher productivity not lower production. And yes we do import more (even in relation to the size of our economy) than we used to, but that doesn't amount to a hollowing out of our manufacturing capability.

Also inflation in the US isn't anything like the inflation that Spain had when all the gold came pouring in. And the income stream in the US is from a broadly diversified economy, not from extracting gold and silver from overseas.

Which isn't to say that there aren't any similarities but I think Kupperman greatly exaggerates them.
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