5 Common Misconceptions about the US Economy
4. America Doesn’t Manufacture Anymore
All the jobs have gone overseas! This is a common complaint that reflects the opinion that American industry doesn’t produce anymore. Political rhetoric and cherry picking of cases has led to a very common misconception about American industry, mainly that it doesn’t exist anymore. In many measures, the US economy is still the most productive in the world, and our industrial production has actually tripled since the 1970’s. In 2011, US manufacturing saw record profits. The problem isn’t a lack of industry spurred by outsourcing, the problem is a genuine lack a jobs due to excessive regulation and taxation. American industry is a powerhouse.
