This new Rubio oped bashing Biden for enabling American "deindustrialization" is a masterclass in economic nationalist myth and misdirection. newsweek.com/joe-biden-repr…
US mfg real (inflation adj) gross output & value-added increased 17% & 52% respectively bt 1997 & 2018 (BEA) /1
US mfg real (inflation adj) gross output & value-added increased 17% & 52% respectively bt 1997 & 2018 (BEA) /1
Durable goods (incl metals, weapons, aerospace, transportation, machinery, med goods (incl masks & ventillators), computers & tech, etc): 36% / 109%
Remove semiconductors & computers: still up 26% / 60%!
/2
Remove semiconductors & computers: still up 26% / 60%!
/2
Nondurables are -1.0%, BUT driven by textiles, apparel, tobacco(!), paper products, etc - nothing that screams "national security". These sectors are also still big! (Textiles/Apparel output 2018: $72.5B). Meanwhile, the important ones (food, energy, fuels, chemicals, etc): up /x
p.s. new paper on this coming out this year. Plenty more facts on "deindustrialization" and natsec therein.
p.p.s. gonna have so many charts
p.p.p.s. Interactive charts. Oh yeah.
