While America continues to create market-dominating companies like Apple or Google, the number of American jobs they provide doesn’t compare with market-dominating American companies of the past like General Electric or Ford.
The reason why is simple: While much of the design and management happens in America, most of the physical products are manufactured in low-wage economies like China. Those factories that remain in America are highly automated, so that our manufacturing employment plummets even as our manufacturing output continues to rise. America still makes a lot of stuff, it’s just not made by people.
~ Doug Muder