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What’s made in the USA today? An article on the CNBC website today lists the top manufactured goods in the United States including air craft, missiles, space equipment, tractors, cars, gas turbines, and computer chips.
The article explains that more expensive high-end goods are produced in the United States. Other parts of the world produce less capital-intensive goods with cheaper labor. According to the CIA World Factbook, the United States imports primarily consumer goods and industrial supplies while exporting technologically intensive capital goods including a variety of electronic parts.
The recession will likely induce saving on the part of Americans, which will eventually lead to increased investment. That investment will stream into industry, possibly in the United States. President of Euro-Pacific Capital’s Peter Schiff has recently been arguing that American industry will have to rebuild into a manufacturing economy rather than a service economy. It will be interesting to see where the new savings that Americans are likely stockpiling will be invested.