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Wednesday, June 29, 2016 12:04:10 PM
Trump really needs to get better at his photo ops. He is standing behind a bunch of aluminum cans that are being recycled while promoting the steel industry.
Donald Trump’s Economic Nostalgia
...“Today I am going to talk about how to make America wealthy again,” he said. “We are going to put American-produced steel back into the backbone of our country. This alone will create massive numbers of jobs.”
He’s right that the number of steel industry jobs — more precisely “iron and steel mills and ferroalloy manufacturing,” in government data-speak — is down by 44 percent in the Pittsburgh area since 1990, a span in which the United States entered the North American Free Trade Agreement and engaged in much more extensive trade with China.
But two things are worth knowing. Before Nafta was even a gleam in a trade negotiator’s eye, Pittsburgh had already lost the biggest chunk of its steelworking jobs. The culprit in that era was both international competition and the introduction of mini-mills, which allowed the production of steel with far fewer man-hours. Because of that and other technological innovations that improved productivity, total American steel output is about the same now as it was in 1990, even with far fewer workers....
http://www.nytimes.com/2016/06/29/upshot/donald-trumps-economic-nostalgia.html
Donald Trump’s Economic Nostalgia
...“Today I am going to talk about how to make America wealthy again,” he said. “We are going to put American-produced steel back into the backbone of our country. This alone will create massive numbers of jobs.”
He’s right that the number of steel industry jobs — more precisely “iron and steel mills and ferroalloy manufacturing,” in government data-speak — is down by 44 percent in the Pittsburgh area since 1990, a span in which the United States entered the North American Free Trade Agreement and engaged in much more extensive trade with China.
But two things are worth knowing. Before Nafta was even a gleam in a trade negotiator’s eye, Pittsburgh had already lost the biggest chunk of its steelworking jobs. The culprit in that era was both international competition and the introduction of mini-mills, which allowed the production of steel with far fewer man-hours. Because of that and other technological innovations that improved productivity, total American steel output is about the same now as it was in 1990, even with far fewer workers....
http://www.nytimes.com/2016/06/29/upshot/donald-trumps-economic-nostalgia.html
“Talking nonsense is the sole privilege mankind possesses over the other organisms." ? Fyodor Dostoyevsky, Notes from Underground
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