America Makes More Stuff Now than Ever Before
2011-03-03
Don Boudreaux is one of my favorite writers of Letters to Editors. This is a variation on that theme - an open letter to Rush Limbaugh - and it contains information that runs counter to many common assumptions about US manufacturing output:
- In 2009 (the latest year for which we have data), the value of U.S. manufacturing output was nearly 30 percent higher than that of China, the world’s second-ranking country in terms of manufactured output
- The inflation-adjusted value of America’s manufacturing output in 2009 was 120 percent higher than it was in 1970
- Over the ten-year span 2000 through 2009, the total amount of foreign direct investment received by China was $686 billion, while the total amount of FDI received by America was 162 percent higher at $1,799 billion
Labels: Economics