By Nick Baum
TUESDAY – 5/21/19
Our GDP has seen record growth, the stock market has hit unprecedented highs, and minority unemployment rates are hitting all-time lows, but despite our economy’s soaring growth and power, there is an increasingly noticeable void in our country’s manufacturing sector. Blue collar jobs, which are industrial jobs that are in factories and warehouses, have barely improved since the ’60s.
What happened in the ’60s is complicated, to say the least. Labor unions demanding more payments and supervision by companies rose, forcing companies to spend more money. The Department of Labor also ramped up its regulations and policies on companies, which was finally enough to drive many companies out to places with almost no regulations like China and Vietnam.
In order to bring back manufacturing to the US, we need to stop the many regulations that are exceeding their boundaries and to create a good compromise. Labor unions were created for a good cause, to have the companies care for the safety and well being of their employees, but their ever-rising demands as well as the creation of labor unions in comfortable industries such as acting and political campaigning, has resulted in a loss of jobs.
Furthermore, tax cuts and exemptions are needed to promote jobs back to our domestic economy. This is currently being done for greener companies investing in cleaner products that are healthier for the environment. Capitalism is usually viewed as a contrary to protecting the environment and fighting global warming, but if we give tax cuts to green companies, they can promote both jobs and the environment.
Sources and Pictures: Wikipedia, The Wall Street Journal, News 12