Comments on: Big Upward 3rd Quarter GDP Revision Expected; Only Thing Bigger Is Its Secrecy http://www.bizzyblog.com/2007/11/27/big-upward-3rd-quarter-gdp-expected-only-thing-bigger-is-its-secrecy/ The Business End of the Blogosphere Sun, 23 Nov 2008 11:11:21 +0000 http://wordpress.org/?v=2.5 By: TBlumer http://www.bizzyblog.com/2007/11/27/big-upward-3rd-quarter-gdp-expected-only-thing-bigger-is-its-secrecy/#comment-118465 TBlumer Wed, 28 Nov 2007 20:29:03 +0000 http://www.bizzyblog.com/2007/11/27/big-upward-3rd-quarter-gdp-expected-only-thing-bigger-is-its-secrecy/#comment-118465 #4, I agree completely. #4, I agree completely.

]]> By: dscott http://www.bizzyblog.com/2007/11/27/big-upward-3rd-quarter-gdp-expected-only-thing-bigger-is-its-secrecy/#comment-118464 dscott Wed, 28 Nov 2007 19:34:27 +0000 http://www.bizzyblog.com/2007/11/27/big-upward-3rd-quarter-gdp-expected-only-thing-bigger-is-its-secrecy/#comment-118464 I think we need to make a concerted effort in busting this myth everytime it is raised by the Dems. This is one of their major economic arguments used against free trade or global trade to promote protectionism or blame China & Walmart for cheap labor. As usual, their argument is a false assertion under the guise of being for the working person. Given the concentration of their union supporters in the industries bleeding jobs to productivity gains and outsourcing, it needs to be repeatedly pointed out that when unions inordinately demand higher wages and benefits than ecomonically sustainable, they themselves open the door to automation. The auto industry is a prime example of this: http://www.automotivesupplier.org/Industry%20Economic%20Paper.pdf relatively steady figure of 12 to 13 million vehicles per year produced since 1994. Yet the number employed continues to drop (17% since 2000) see page 3 of 20. I think we need to make a concerted effort in busting this myth everytime it is raised by the Dems. This is one of their major economic arguments used against free trade or global trade to promote protectionism or blame China & Walmart for cheap labor. As usual, their argument is a false assertion under the guise of being for the working person. Given the concentration of their union supporters in the industries bleeding jobs to productivity gains and outsourcing, it needs to be repeatedly pointed out that when unions inordinately demand higher wages and benefits than ecomonically sustainable, they themselves open the door to automation.
The auto industry is a prime example of this: http://www.automotivesupplier.org/Industry%20Economic%20Paper.pdf
relatively steady figure of 12 to 13 million vehicles per year produced since 1994. Yet the number employed continues to drop (17% since 2000) see page 3 of 20.

]]> By: TBlumer http://www.bizzyblog.com/2007/11/27/big-upward-3rd-quarter-gdp-expected-only-thing-bigger-is-its-secrecy/#comment-118463 TBlumer Wed, 28 Nov 2007 18:25:29 +0000 http://www.bizzyblog.com/2007/11/27/big-upward-3rd-quarter-gdp-expected-only-thing-bigger-is-its-secrecy/#comment-118463 #1 and #2, I am sorry. I meant to get on this sooner, but got tuckered out. The magic post I have done is here: Myth Busted: ‘Deindustrialization’ http://bizzyblog.com/?p=5647 Your stuff is very good too. #1 and #2, I am sorry. I meant to get on this sooner, but got tuckered out. The magic post I have done is here:

Myth Busted: ‘Deindustrialization’
http://bizzyblog.com/?p=5647

Your stuff is very good too.

]]> By: dscott http://www.bizzyblog.com/2007/11/27/big-upward-3rd-quarter-gdp-expected-only-thing-bigger-is-its-secrecy/#comment-118462 dscott Wed, 28 Nov 2007 17:54:28 +0000 http://www.bizzyblog.com/2007/11/27/big-upward-3rd-quarter-gdp-expected-only-thing-bigger-is-its-secrecy/#comment-118462 Here are some charts to answer my question: http://www.newyorkfed.org/research/directors_charts/pi_10.pdf http://www.newyorkfed.org/research/current_issues/ci12-2.pdf http://www.bts.gov/publications/national_transportation_statistics/html/table_03_04a.html The best one is this one from the BEA itself, you can choose the range of dates, but it clearly shows that manufacturing is not in decline in the US, on the contrary, it's on the upswing in terms of dollars.http://www.bea.gov/industry/gpotables/gpo_action.cfm?anon=58578&table_id=19018&format_type=0 Therefore the only real conclusion is that declining manufacturing in the US is a myth based on the false notion that employment is proportional to output. Here are some charts to answer my question:
http://www.newyorkfed.org/research/directors_charts/pi_10.pdf
http://www.newyorkfed.org/research/current_issues/ci12-2.pdf
http://www.bts.gov/publications/national_transportation_statistics/html/table_03_04a.html
The best one is this one from the BEA itself, you can choose the range of dates, but it clearly shows that manufacturing is not in decline in the US, on the contrary, it’s on the upswing in terms of dollars.http://www.bea.gov/industry/gpotables/gpo_action.cfm?anon=58578&table_id=19018&format_type=0
Therefore the only real conclusion is that declining manufacturing in the US is a myth based on the false notion that employment is proportional to output.

]]> By: dscott http://www.bizzyblog.com/2007/11/27/big-upward-3rd-quarter-gdp-expected-only-thing-bigger-is-its-secrecy/#comment-118450 dscott Tue, 27 Nov 2007 21:56:28 +0000 http://www.bizzyblog.com/2007/11/27/big-upward-3rd-quarter-gdp-expected-only-thing-bigger-is-its-secrecy/#comment-118450 I think you touched on it before, but regarding manufacturing in terms of dollars or GDP I believe is larger each year despite the falling number of jobs employed by those manufacturers due to automation. Can you confirm that? Any links? We keep hearing the meme that America's manufacturing base has shrunk, but is that really true? Just because one is making less cars than before doesn't mean we aren't making more of something else which may offset the value lost. I think you touched on it before, but regarding manufacturing in terms of dollars or GDP I believe is larger each year despite the falling number of jobs employed by those manufacturers due to automation. Can you confirm that? Any links? We keep hearing the meme that America’s manufacturing base has shrunk, but is that really true? Just because one is making less cars than before doesn’t mean we aren’t making more of something else which may offset the value lost.

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