Moody's Zandi: Manufacturing Importance Overstated

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Manufacturing is the high technology sector of the economy. Liberal arts majors may think of an Ipod app as "high tech" as they have no familiarity with real technology like engineering or science, but computer programming is non-mathematical low tech stuff compared to the engineering and science that go into manufacturing. If we try to depend on the "information economy," we'll get killed in the future, it being so easy and requiring such little capital and trainging for countries like India that target software to get their masses of people into the business.

Luther of LA 11:08PM June 30, 2011

First the gleeful "it doesn't matter anymore to the economy if the country has big manufacturing base". And then the conclusion that others may start considering American factories.
It really doesn't matter whether it is producing a pin, a nail, an American flag or an iPod. What matters is that what Americans buy should as far as possible be produced in America.
Think of the amount of money flowing out through imports. It is alright if imports and exports are about equal in value; but you and I know that it is not. The amount of money flowing out, not only in imports but also in wars, foreign aid, foreign travel, foreign bases etc, is staggering.
America is now the world's greatest debtor nation. We owe so much and yet we are giving foreign aid, and if I may add, thinking that making things ourselves is not important. I would think that we should start cutting down on spending overseas and increasing our manufacturing base. And, I am not even going into jobs and unemployment.
Reminds me of the folks on the Titanic dancing away after the ship hit the iceberg.

azmin of MD 3:57PM June 30, 2011