More Bad News for Doom & Gloomers

Well, it seems despite the constant handwringing of media pundits and various political constituencies that thrive off government intervention, American industry continues to thrive and compete on a global scale. The press loves a good tragedy and sadly it isn't news apparently if things are going well. Doom and gloom are just around the corner, highlights at 11! If it's not the environment then it's China or India that is about to surpass our crumbling economy. Sorry Michael Moore, Howard Dean, Alec Baldwin, et al, this Economist article paints a much different picture about the REAL vibrancy of the US economy. The simple fact is that the US remains the worlds powerhouse economy and American know how is remaining very competitive out of the glare of the klieg lights. To quote the article...

“Our media act as if American manufacturing is going to grind to a halt at around two o'clock this afternoon,” says Cliff Ransom, an independent analyst who scours America for the most assiduous metal-bashers.
But someone forgot to tell American manufacturers the bad news. Most of them have enjoyed roaring success of late. Net profits have risen by nearly 9% a year since the recession in 2001 and productivity has been growing even more rapidly than is usual during economic expansions (see chart). The country's various widget-makers, moreover, show no sign of losing their innovative edge

The article goes on to make a point I have been belaboring ... American's find ways to get things done in ever more efficient ways when challenged ...

"These days, however, American manufacturers of all sorts—not just the big durable-goods makers—are quickly improving their efficiency."

Americans are some of the most inventive, creative and hardworking people in the world. Our economy and relatively open system allows for radical innovation and change. There is a huge braindrain going on with the best and the brightest coming to the US where they can innovate, invent and create wealth. This isn't a naked pursuit of greed as the left declares with self importance, rather wealth creation improves the human condition worldwide. Where would the the innovations in systems and technology for cleaning water, creating groundbreaking medicines, or devise ever more efficient methods and machinery necessary for helping ever larger groups of the human population escape starvation and disease come from if not for the profit motive? They wouldn't.
Let innovation continue to reign and the next time you find yourself getting sucked into the next doom-and-gloom scenario portending the imminent collapse of the economy, remind yourself about the 100 or more other success stories not reported by the media because the only news fit to print apparently is negative. .... or could it be something more perverse... hmmm.

Regardless, one last quote from the article that really underscores my point...

"....Gordon Hunter, Littelfuse's chief executive, is confident that America can maintain its edge in manufacturing. He is an engineer from the north of England who spent much of his earlier career working for Intel, a semiconductor firm, in California. American firms will keep on improving their productivity, he says, because of a business environment that embraces innovation. “Being flexible and willing to learn are skills that America still excels at,” he says. Eventually, perhaps even GM will get the hang of it."

Makes me proud to be an American!