23rd
In 1975, manufacturing accounted for about 20% of the United States’ economic output, or gross domestic product, about the same as in Germany today. Since then, U.S. manufacturing’s share of GDP has slid to about 12%.
In 1975, the U.S. budget deficit was a manageable 1% of the economy, about the same as Germany’s now. Last year, the U.S. deficit was about 10%.
American families in the 1970s and early ’80s typically saved about 10% of their take-home pay, about the same as in Germany today. The U.S. savings rate these days is in the low single digits.
Germany has the economic strengths America once boasted- LA Times
Some great articles coming out about why America is really in decline, like this one and the previous on manufacturing in the NYT. Getting to the root of the issue is the only way to really fix our issues.
We are fueled by consumer debt and drunk on cheap Chinese goods. Something has to change as math will catch up with the US at some point (might already have) if we don’t.
