I have never believed that making things is inherently better — inherently more likely to produce widespread prosperity, inherently more noble, inherently more meaningful — than is the supplying of services. And until I notice a widespread pattern of parents hoping that their children grow up to become factory workers rather than to become doctors, lawyers, and bank presidents, I’ll continue to believe that, whether they know it or not, most Americans value jobs in the service sector pretty darn highly.
Nevertheless, the state of manufacturing in the U.S. is quite strong. To learn more, take this quiz:
1) In what year did
U.S. Manufacturing output reach its all-time peak?
a. 1966 b.
1976 c. 1986 d. 1996 e.
2006
2) In what year did
U.S. Manufacturing revenue reach its all-time peak? (inflation
adjusted)
a. 1966 b.
1976 c. 1986 d. 1996 e.
2006
3) In what year did
U.S. Manufacturing profits reach their all-time peak? (inflation
adjusted)
a. 1966 b.
1976 c. 1986 d. 1996 e.
2006
4) In what year did
U.S. Manufacturing exports reach their all-time peak? (inflation
adjusted)
a. 1966 b.
1976 c. 1986 d. 1996 e.
2006
5) Average annual
compensation (wages + benefits) for US manufacturing jobs is
a. $36,000
b. $46,0000 c. $56,0000 d. $66,000
6) What are the
relative sizes of the US and Chinese manufacturing sectors?
a. China outputs 2.5
times the US b. Equal c. The US outputs 2.5 times
China
7) Which country
produces the largest share of total world manufacturing
output?
a. China b.
Japan c. Germany d. France e.
US
Answers:
1) e. 2006 (Source: Economic Report of the President, 2007)
2) e. 2006 (Source: Bureau of the Census)
3) e. 2006 (Source: Bureau of the Census)
4) a. 2006 (Source: U.S. International Trade Commission)
5) d. $66,414 (Source: National Association of Manufacturers)
6) c. The U.S. output is 2.5 times as much as China (Source: U.N. Industrial Development Org.)
7) e. U.S. manufacturing output is 21 percent of world total (Source: U,N. Industrial Development Org.)
(HT: David Boaz)
This study by Cato’s Dan Ikenson has the fuller story.
