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Line 241: − − == Diversification of the economy in the United States == − {{See also|MAGAnomics}} − Although the [[United States]] is rich in natural resources, some people maintain it has a highly diversified economy.<ref>[https://www.thebalancemoney.com/how-natural-resources-boost-the-u-s-economy-3306228 U.S. Natural Resources]</ref><ref>[https://www.worldatlas.com/articles/countries-with-the-most-diverse-economies.html#:~:text=Most%20Diverse%20Economies-,Japan,the%20sophistication%20of%20its%20exports. Countries With The Most Diverse Economies]</ref><ref>[https://www.nationsencyclopedia.com/economies/Americas/United-States-of-America-OVERVIEW-OF-ECONOMY.html#:~:text=Although%20there%20is%20great%20diversity,agriculture%20accounts%20for%202%20percent. United States of America - Overview of economy], Encyclopedia of the Nations Americas United States of America</ref> Others, such as [[Donald J. Trump]], would dispute this; the US has primarily a service sector economy with 68% of all jobs in the service sector and a massive reduction in manufacturing jobs since the early 2000s,<ref>https://www.huffpost.com/entry/manufacturing-is-a-job-multiplier_b_58adedede4b01f4ab51c7582/amp</ref> hollowing out the [[middle class]].<ref>https://www.forbes.com/sites/ericjackson/2011/04/27/how-do-you-fix-the-hollowing-out-of-the-middle-class/?sh=1028d6e916f9</ref> Nowhere was it more obvious than during the [[covid pandemic]], when the public realized America was dependent on foreign imports from [[China]] for [[antibiotic]]s, covid masks, or other [[PPE]]s.<ref>https://www.youtube.com/watch?v=wwxEYY7K-Jw</ref> Likewise, the [[NATO war in Ukraine]] highlighted America's loss of an industrial manufacturing base to build and supply weapons or replenish stockpiles.<ref>https://www.rusi.org/explore-our-research/publications/commentary/return-industrial-warfare/</ref> − − The United States is reshoring its supply chains and producing more things domestically for several reasons and this will give it more security from foreign disruptions.<ref> − *[https://www.forbes.com/sites/billconerly/2023/08/19/us-manufacturers-reshoring-but-it-will-take-a-long-time/?sh=4081a5e54c91 U.S. Manufacturers Reshoring, But It Will Take A Long Time], Forbes, August 19, 2023 − *[https://www.cnbc.com/2023/06/01/reshoring-more-domestic-manufacturing-due-to-supply-chain-disruption.html Firms are bringing production back home because of the Ukraine war, China’s slowdown — and TikTok], NBC News, June 1, 2023 − *[https://www.sme.org/technologies/articles/2023/october/reshoring-and-restoring-u.s.-manufacturing/ Reshoring and Restoring U.S. Manufacturing], October 23, 2023 − *[https://www.rbccm.com/en/story/story.page?dcr=templatedata/article/story/data/2023/07/a-new-wave-of-reshoring-for-us-manufacturers A New Wave of Reshoring for US Manufacturers] − *[https://www.eweek.com/it-management/reshoring-alleviates-supply-chain-issues/ Reshoring Alleviates Supply Chain Issues – But It Needs Tech to Control Costs], eWeek, August 10, 2023 − *[https://www.americanmanufacturing.org/blog/mckinsey-study-shortened-supply-chains-are-coming/ McKinsey Study: Shortened Supply Chains are Coming] − </ref> First, due to Covid-19 disruptions in production in China. Furthermore, China is facing an aging populations with a shortage of workers due to their previous [[One-child Policy]]. East Asia as a whole with its subreplacement level of births will also face labor problems in the future as well. As a result, America will face a lower risk of its supply chains disruptions due to countries not being able to keep up with demand or foreign powers militarily disrupting its supply chains. The net result of this is the USA will have a lower need to project its power overseas. The USA having less of a need to be the world's supply chain protector and policeman will cause a less globalized economy and more of an emphasis on regional/local economies. See: [https://www.rbccm.com/en/story/story.page?dcr=templatedata/article/story/data/2023/07/a-new-wave-of-reshoring-for-us-manufacturers A New Wave of Reshoring for US Manufacturers] and [https://www.americanmanufacturing.org/blog/mckinsey-study-shortened-supply-chains-are-coming/ McKinsey Study: Shortened Supply Chains are Coming]
United States of America (view source)
Revision as of 19:54, December 27, 2023
, 19:54, December 27, 2023→Diversification of the economy in the United States
The United States is consistent in the growth of the [[money supply]] reflected in its GNP over decades and its recovery from [[stimulus]] spending has occurred largely as a result of [[Keynesian economics]], printing money, and piling on the [[national debt]].<ref>[https://www.fff.org/explore-freedom/article/the-follies-and-fallacies-of-keynesian-economics/ The Follies and Fallacies of Keynesian Economics], by Richard M. Ebeling, Future of Freedom Foundation, February 16, 2016.</ref><ref> [https://www.freedomworks.org/keynesian-economics-still-failing-after-all-these/ Keynesian Economics: Still Failing After All These Years, Freedom Works, 04/30/2013.</ref><ref>[Peak Debt – Why The Keynesian Money Printers Are Done], by [[David Stockman]], ''The Millennium Report'', September 28, 2014.</ref>
The United States is consistent in the growth of the [[money supply]] reflected in its GNP over decades and its recovery from [[stimulus]] spending has occurred largely as a result of [[Keynesian economics]], printing money, and piling on the [[national debt]].<ref>[https://www.fff.org/explore-freedom/article/the-follies-and-fallacies-of-keynesian-economics/ The Follies and Fallacies of Keynesian Economics], by Richard M. Ebeling, Future of Freedom Foundation, February 16, 2016.</ref><ref> [https://www.freedomworks.org/keynesian-economics-still-failing-after-all-these/ Keynesian Economics: Still Failing After All These Years, Freedom Works, 04/30/2013.</ref><ref>[Peak Debt – Why The Keynesian Money Printers Are Done], by [[David Stockman]], ''The Millennium Report'', September 28, 2014.</ref>
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