It has been said that beauty is in the eye of the beholder. One could now say that the definition of manufacturing is in the pen of the bureaucrat.
There seems to be a movement afoot to change the definition or the meaning of the word MANUFACTURING. Apparently not overly awed by the 40% decline in manufacturing jobs from 1980, a period, I might add, which saw both Democratic and Republican Presidents, the Obama Administration believes a redefinition will make it all right. The “sheeple” and the main stream media will be convinced that the Obama “manufacturing renaissance” continues.
“Factoryless goods producers” think up the idea, do the R&D, test demographically, raise the working capital and then offshore the production. So what part of the DOMESTIC MANUFACTURING process aren’t you grasping?
If Miley Cyrus’s songwriting can be considered part of our Gross Domestic Product why can’t a factory in Beijing be considered a part of our manufacturing process. (Did you notice the word process?) Apparently, according to the Obama gang, it can. A manufacturing event doesn’t actually have to have occurred here to be counted. It only has to have been thought up here. We could make it if we really wanted to.
It does present a few problems from a worldwide point of view. Doesn’t our counting a factorys’ production in New Delhi and the Indians’ claim to the same production duplicate the World’s true manufacturing numbers?
Of course Obama Economics has a propensity for playing fast and loose with numbers so why should MANUFACTURING be any different? Birth/ Death is used to increase the number of jobs created. A decrease in the participation pool ( out of work but not unemployed) decreases the unemployment rate. Automobiles are counted sold when they are manufactured. Yes, the Obama numbers game is quite remarkable! So why is it any wonder that MANUFACTURING would be next.
Perhaps , however, the classic numbers crunching was done during the most recent housing collapse. Taking the total listings for a house (example 4) and then multiplying that number times the 1 house to get a reportable total sales for national news. In other words one house sold would be reported as four sold. Of course if you happened to be out house hunting on a Sunday afternoon and put a small deposit on something not yet built ($100) it to was added into the National figures as having been sold.
From jobs to cars to housing, we thought we’ve seen it all. However as our true growth erodes I am sure Barrack has a lot more up his sleeve not the least of which is MANUFACTURING.
After all, if we can think it we can do it and that should count the same as actually making it, at least in the mind and pen of the Obama bureaucrat.
Along with his 40-years of dedication in the financial services industry, Bill is the President and CEO of GPSforLife, has recently authored a highly successful book entitled 44th: A Presidential Conspiracy, publishes his dynamic monthly financial newsletter MacroProfit, and faithfully continues his third decade on the radio with It’s All About Money, which can be heard weekdays on Money Radio in Phoenix and in podcast form on his website (and on smartphone apps) published at billtatro.com weekdays at 5pm Eastern. Bill can be reached via email at email@example.com and on Twitter @tatroshow.