Government Deficits and The Deindustrialization of America

Ronald McKinnon

The Economists' Voice, 2004, vol. 1, issue 3, 8

Abstract: Government deficits are accelerating deindustrialization in the United States. Should we care? Absolutely. One reason is that manufacturing and associated learning-by-doing are powerful sources of external benefits that accelerate economy-wide productivity growth. A second is that the loss of manufacturing jobs is a powerful source of anger against free trade. The U.S. federal government needs to run surpluses to eliminate the savings deficiency of the American economy.

Keywords: trade deficit; manufacturing employment; deindustrialization; budget deficit (search for similar items in EconPapers)
Date: 2004
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DOI: 10.2202/1553-3832.1029

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