The coronavirus pandemic and subsequent economic crisis have highlighted how reliant the U.S. economy is on the web of global supply chains for manufactured goods. The decades-long decline of U.S. manufacturing meant that disruptions to the global market for semiconductors and other critical industrial goods led to acute shortages and higher prices for American families.
- The decision by big corporations to offshore manufacturing production instead of investing in domestic manufacturing contributed to significant supply chain disruption during the coronavirus pandemic.
- The U.S. lost over a quarter of manufacturing jobs since 2000 and production of critical inputs like semiconductors has increasingly moved overseas
- The transformation of American manufacturing has reduced economic opportunity for working families, especially for workers without a college degree
Countering these damaging trends will require historic investments in American manufacturing, infrastructure and innovation.
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