Author: Tom Scheurer, Materials Manager, Pierce Industries
The candidates who are running for Presidency have focused a lot of their discussions around bringing manufacturing jobs back to America. As a professional in this industry, I decided to do a little research to see just how much manufacturing has changed in America.
In 2014, U.S. manufacturing trade goods deficit hit $524 billion. This figure is slightly lower than the record deficit of $526 billion in 2006, but reflects an increase of 17% from 2013. Also in 2013, U.S. goods trade deficit with China increased by 7.5%.
I have worked in the manufacturing industry in many different capacities and have watched the industry soar nationwide and have been present for the decline. The importance of manufacturing in America holds many different value points. Without a strong presence and successful manufacturing companies, the opportunity for people to provide for their families and the chance of economic growth is limited.
The growing trade deficit directly reflects the loss of jobs; since 2000, 5.7 million jobs in the manufacturing industry have been eliminated in the United States.
Usually, large trade deficits are self-correcting. As the deficit continues to grow, the currency drops and goods become less costly to export, while incoming goods become more expensive. However, according to Forbes Magazine, too many trading partners have figured out how to manipulate their currency, keeping the U.S. dollar high and increasing low cost imports. This impacts the ability of companies in America to grow their workforce.
We will have to wait until November to see which route our Country will take, but it is encouraging that the topic of Manufacturing in America and the importance of keeping jobs here has become a priority.
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