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Macroeconomics - Essay Example

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This economic slowdown has impacted every aspect of the American life, are they households, neighborhoods, schools, universities, corporations, individual job seekers or big and small…
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Download file to see previous pages... atus as a quality manufacturer, but also need to make way for the financing of individual initiatives taken by small time entrepreneurs (Cohen & Beranek 4).
Manufacturing has always constituted the real backbone of the American economy. Manufacturing particularly had a percolating impact on the American economy, which means that creation of one manufacturing job led to the creation of multiple associated jobs in the economy. There is no dearth of skilled and semi-skilled workers in the nation who are competent enough and willing to support a thriving indigenous manufacturing sector. However, the shift in the dynamics of American economy in the past few decades, turning America from a manufacturing centric to consumption centric economy, thereby allowing the firms to shift their manufacturing operations to low wage hubs like China and India, has really negatively impacted the health of the American economy (Moore 113). American manufacturing is not mainly about big manufacturing hubs, but rather a network of large manufacturing units, supported by a web of smaller ancillary units. Hence, no wonder a shifting of the thrust of manufacturing operations to low wage Asian and Latin American countries, has weakened the overall framework of the American economy. As a beginning, President Obama should withdraw the tax and policy benefits to the corporations locating their manufacturing operations to low wage nations.
When it comes to manufacturing, the restoration efforts not only need to be focused on the large manufacturing units, but rather also include the small manufacturers and businesses, which create jobs and sustain communities, while bolstering the overall fabric of the economy. The other thing is that since many large corporations have shifted their manufacturing operations overseas, this has created the opportunity and scope for many small time manufacturers that compensate for the dearth for resources by imbuing their products with the attention to detail and ...Download file to see next pagesRead More
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