View Poll Results: Suggestion on gaining more manufacturing plants within the US a good idea?

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Thread: Manufacturing jobs - Read post before voting!

  1. #51
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    Re: Manufacturing jobs - Read post before voting!

    Quote Originally Posted by VanceMack View Post
    I get that companies are in for the bottom line and that labor did a lousy job of recognizing what their exhorbitant demands would do to the jobs. I just hope those folks get some long term vision. Lower profit per item but more over the long term due to a reinvigorated customer base. I dont think it WILL happen. Just that we are on a collision course with economic failure if we dont change.
    I agree completely.

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    Re: Manufacturing jobs - Read post before voting!

    I cannot help but be reminded of one the most successful economic lessons from our history that applies here. Henry Ford came to the realization that if the automobile was to ever be anything but a rich mans toy, he needed to sell them to the same audience that built his cars. The result was the birth of the five dollar day at a time when other car makers were paying half of that.

    Ford was a visionary who had a long term outlook and understood that saving dollars today did not always benefit him in years down the road. As a result, FoMoCO is alive and well today making a profit of $8 billion dollars last year while almost every one of the many competing auto companies of his time are now consigned to the scrap heap of history.
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    Re: Manufacturing jobs - Read post before voting!

    yes. Ford did that along with a number of other industrialists, at the behest of President Hoover. Roosevelt continued the policy of attempting to jack up wages in an attempt to have them buy more stuff and spur the economy (demand side economics, if you will).

    the result, of course, was 25% unemployment and a Great Depression.

  4. #54
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    Re: Manufacturing jobs - Read post before voting!

    Quote Originally Posted by cpwill View Post
    yes. Ford did that along with a number of other industrialists, at the behest of President Hoover. Roosevelt continued the policy of attempting to jack up wages in an attempt to have them buy more stuff and spur the economy (demand side economics, if you will).

    the result, of course, was 25% unemployment and a Great Depression.
    I think you're off a bit?

    President Hoover was in office for less than 8 months when the stock market crashed in 1929, which is the generally agreed upon start date of the Great Depression. Last I knew it took longer than 8 months for a recession to build up and hit and since depressions don't happen unless there is first a recession...well the Great Depression had to have been in the making for quite a few years.

    The other two Presidents which you mention were Presidents after Hoover and after the Great Depression hit. In fact FDR is accredited with bringing us OUT of the Great Depression.
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    Re: Manufacturing jobs - Read post before voting!

    Quote Originally Posted by Kal'Stang View Post
    I think you're off a bit?

    President Hoover was in office for less than 8 months when the stock market crashed in 1929, which is the generally agreed upon start date of the Great Depression.
    the Market Crash produced a collapse in the market and a recession.

    which we were generally recovering from.

    until Hoover decided that the government could "fix" the economy.

    it was Government response that turned the recession into a depression, and made it Great.

    The other two Presidents which you mention were Presidents after Hoover and after the Great Depression hit. In fact FDR is accredited with bringing us OUT of the Great Depression.
    considering we didn't fully recover until the 1950's, after he was dead, how, precisely, did he do that?

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    Re: Manufacturing jobs - Read post before voting!

    Quote Originally Posted by cpwill View Post

    considering we didn't fully recover until the 1950's, after he was dead, how, precisely, did he do that?
    Because it's the Politically Correct thing to believe. He was in a wheelchair after all.

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    Re: Manufacturing jobs - Read post before voting!

    I posted this

    I cannot help but be reminded of one the most successful economic lessons from our history that applies here. Henry Ford came to the realization that if the automobile was to ever be anything but a rich mans toy, he needed to sell them to the same audience that built his cars. The result was the birth of the five dollar day at a time when other car makers were paying half of that.
    the immediate response was




    Quote Originally Posted by cpwill View Post
    yes. Ford did that along with a number of other industrialists, at the behest of President Hoover. Roosevelt continued the policy of attempting to jack up wages in an attempt to have them buy more stuff and spur the economy (demand side economics, if you will).

    the result, of course, was 25% unemployment and a Great Depression.
    NO. The five dollar day was started in 1914 when Woodrow Wilson was President of the USA.
    Last edited by haymarket; 01-26-11 at 10:30 AM.
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    Re: Manufacturing jobs - Read post before voting!

    ah. i was referencing this:

    ..Hoover's views on wage policy, and his interpretation of the fact that high wages and prosperity go hand in hand, also were different. A number of economists today interpret high real wages as reflecting high worker productivity that results from a skilled labor force working with a large stock of capital and efficient technologies. In other words, worker productivity drives real wages and prosperity. But Hoover interpreted this correlation differently and believed that increasing wages in and of themselves were important for promoting prosperity, while he apparently discounted the impact of raising wages above worker productivity on business hiring decisions.

    Hoover's policy views set the stage for meetings he held at the White House with major industry in late 1929 that included General Motors ( GMGMQ.PK - news - people ), Ford ( F - news - people ), U.S. Steel ( X - news - people ) and DuPont ( DD - news - people ), and advised them not to cut wages. Hoover told industry that maintaining wage levels would minimize the severity of a downturn and help him keep peace with labor. Hoover then asked labor leaders not to strike and to withdraw requests for higher wages. Following these meetings, industry publicly acknowledged their compliance with Hoover's wage program as they held wage rates fixed.

    But declining prices and productivity, coupled with Hoover's program of fixing wages, significantly increased industrial labor costs. Shortly after Hoover's meetings, the industrial sector began to contract rapidly. Between October 1929 and September 1930, industrial hours worked had declined by nearly 30%. Thus, the industrial sector was severely depressed about a year into the Depression, before most of the large declines in the money supply emphasized by Milton Friedman and Anna Schwartz, and before most of the banking panics emphasized by Federal Reserve Chair Ben Bernanke.

    As the industrial decline intensified, industry leaders asked Hoover if he would support wage cuts that were proportional to the deflation that had occurred. But Hoover did not support industry requests, despite increasing criticism from various quarters that his program was keeping wages far above their market-clearing levels....
    labor is part of the price of production. raising the price of labor only raises the price of production, thus raising the price of the product. so, for example, let's use the $2.50 to $5 jump and say (for ease of math) that roughly 10 working hours went into building each car. labor prices on the vehicle have now moved from $25 to $50; meaning that the price of the vehicle itself will have to move upwards by $25. so for every dollar spent extra on the worker, the price of the product has to go up by a dollar, meaning that as you pay the worker more, you also continue to move that vehicle higher in direct relation to his previous ability to "reach" it. the "pay them enough to afford the product" model is built on some pretty flawed logic: should we pay burger flippers only $0.89 cents an hour, while we pay garage mechanics enough to purchase a Lexus? should someone who sweeps the floor at said garage be paid enough to purchase the garage, or just the broom? Ford may have been a good businessman and an excellent auto maker; but as an economist he left a good bit to be desired.
    Last edited by cpwill; 01-26-11 at 06:06 PM.

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    Re: Manufacturing jobs - Read post before voting!

    Quote Originally Posted by cpwill View Post
    ah. i was referencing this:



    labor is part of the price of production. raising the price of labor only raises the price of production, thus raising the price of the product. so, for example, let's use the $2.50 to $5 jump and say (for ease of math) that roughly 10 working hours went into building each car. labor prices on the vehicle have now moved from $25 to $50; meaning that the price of the vehicle itself will have to move upwards by $25. so for every dollar spent extra on the worker, the price of the product has to go up by a dollar, meaning that as you pay the worker more, you also continue to move that vehicle higher in direct relation to his previous ability to "reach" it. the "pay them enough to afford the product" model is built on some pretty flawed logic: should we pay burger flippers only $0.89 cents an hour, while we pay garage mechanics enough to purchase a Lexus? should someone who sweeps the floor at said garage be paid enough to purchase the garage, or just the broom? Ford may have been a good businessman and an excellent auto maker; but as an economist he left a good bit to be desired.



    Your post and the concluding line in it are a wonderful illustration of the profound differences between ideology, theory and belief and the way things actually work in the real world where many other factors come into play that are not part of Econ 101 at a junior college. Ford was a instictive genius who went by his gut and not some theory. He knew that the automobile was a rich mans toy and if it was to ever be more than that it had to be something that the majority of workers could afford. He broke all the rules by more than doubling the prevailing wages at the time and I have no doubt that many theortetical conservative economists would have advised against it. But he followed his gut and the result was that Ford dominated the auto business fo a long period of time.

    We would do well to remember the experience of Henry Ford and his instincts about business when we read about the conservative think tanks and the advice they hand out today that often flies in the face of what looks good for the vast majority of average people.
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    Re: Manufacturing jobs - Read post before voting!

    Quote Originally Posted by Kal'Stang View Post
    Need your opinion on this idea. Hopefully it would bring more manufacturing jobs back into the US.

    It is well known that the federal government gives subsidies and grants to corporations for researching various forms of technology. Then once those corporations discover something useful it is often sent across the border or over seas to manufacturing plants to produce en masse. (not saying all of em do...just a good majority). So here is my proposal.

    Make a law/rule/regulation...whatever you want to call it...that states that any corporation or organization that uses any form of government assistence would be required to manufacture any and all types of products that was discovered with said assistance inside US borders for X amount of years. (at least 20 imo)

    So what do you think? Feel free to give suggestions that would expand on this idea.
    Good idea!
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