For the past two years, executives of domestic manufacturing companies -- along with their workers -- were in a daze, wondering why the Obama administration pushed no policies to counter the hemorrhage and the continued offshoring of American production.
Now it is clear.
Obama's outgoing chief economist Lawrence Summers does not think it necessary for the United States to mass-produce products that would be consumed by hundreds of millions of Americans. Summers justifies this position by stating that even the number of manufacturing jobs in China is declining, when in fact, they are not.
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The Obama administration's top economic policy maker's argument is not correct, however. The latest data available from the Department of Labor's International Labor Comparisons Program found that China's manufacturing employment is not in decline but instead rose by an astounding 11 million workers between 2002 and 2006, to 112 million. In four years, China added as many manufacturing jobs as exist in the United States.
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