In 1980 the USA led the world in manufactures. Our balance of payments was robust heavily positive in our favor. We owed much of this to the philosophy expressed by Alexander Hamilton's Report on Manufactures [1791].
This year we no longer are number one in manufacturing and our balance of payments is in the pits. To start to understand our downward spiral I present the beginning of Hamilton's document.
Alexander Hamilton, Report on Manufactures (excerpts)December 5, 1791The Secretary of the Treasury, in obedience to the order of ye House of Representatives, of the 15th day of January, 1790, has applied his attention, at as early a period as his other duties would permit, to the subject of Manufactures; and particularly to the means of promoting such as will tend to render the United States, independent on foreign nations for military and other essential supplies. And he thereupon respectfully submits the following Report. The expediency of encouraging manufactures in the United States, which was not long since deemed very questionable, appears at this time to be pretty generally admitted. The embarrassments, which have obstructed the progress of our external trade, have led to serious reflections on the necessity of enlarging the sphere of our domestic commerce: the restrictive regulations, which in foreign markets abridge the vent of the increasing surplus of our Agricultural produce, serve to beget an earnest desire, that a more extensive demand for that surplus may be created at home: And the complete success, which has rewarded manufacturing enterprise, in some valuable branches, conspiring with the promising symptoms, which attend some less mature essays, in others, justify a hope, that the obstacles to the growth of this species of industry are less formidable than they were apprehended to be, and that it is not difficult to find, in its further extension, a full indemnification for any external disadvantages, which are or may be experienced, as well as an accession of resources, favorable to national independence and safety.
If this grabs you, click for the full document.
Source: http://www.oberlin.edu/~gkornbl/Hist258/ReportMfres.html
Ronald Reagan embarked on a direct program to ruin US manufacturing. His aim was to destroy the American Labor Movement, the largest Progressive force in America.
The Republican Senators refused the Big3 bail out to crush the United Auto Workers. At the beginning of Depression, they want to add 3,000,000 workers to the unemployment total. These Senators are enemy combatants.
