The Economy Is Rigged, and Other Presidential Campaign Myths
When do you think manufacturing output reached its peak in the United States? The answer: right now. Manufacturing output achieved a record high in the most recent quarter of data. The nation’s manufacturers are now producing 47 percent more than they did 20 years ago.
What has declined is manufacturing employment, which is 29 percent lower than it was 20 years ago.
.. Inequality rises when the innovations that do occur are used by skilled workers and replace unskilled workers.
.. Clearly, the wealthy and powerful try to protect their interests, and they sometimes succeed. But the economy is a complex, decentralized system. Many outcomes are under no one’s control.
.. Just once, I would like to see a candidate with a platform of humility: “Vote for me. If elected president, I won’t make a nuisance of myself.”
That doesn’t offer the inspiring vision of greatness that we have come to expect from our presidents. But by expecting too much, we set ourselves up for the inevitable disappointment that follows.