Comments by "D W" (@DW-op7ly) on "China Shock Has Decimated 5.7M U.S. Jobs Since the 2000s. Now, It’s Back. | WSJ Then vs. Now" video.

  1. ⁠ Sure the Americans may have lost 7 million manufacturing jobs from the height of their manufacturing days. But they gained 53 million service sector jobs 33 million of them higher paying jobs than their manufacturing jobs So with more jobs, more higher paying jobs, and added saving from imported goods did the average American Invest,save, or even throw that money under the mattress????? No they spent those added earnings, and then borrowed to spend some more 👇 The U.S. Lost 7 Million Manufacturing Jobs--And Added 33 Million Higher-Paying Service Jobs It’s also nonsense. The truth is that America has lost some 7 million manufacturing jobs and added some 53 million jobs in services. This is just what happens with advanced economies–it’s easier to increase productivity in manufacturing than it is in services, this is the heart of Baumol’s Cost Disease. As it was easier to increase productivity in agriculture through mechanising it than it was in manufacturing. Thus, over time, the proportion of the workforce engaged in agriculture falls, so too does the proportion in manufacturing. And given that services (with a couple of small adjustments for mining, construction and utilities) is the name we give to all the rest of the economy therefore an increasing portion of the labour force ends up in services. Further, of those 53 million new jobs some 62% of them were in higher paying occupations than those “high paying good jobs” in manufacturing we lost. Yes, really, 33 million higher paying jobs came along to replace those 7 million lost. Which does, when you look at those numbers properly, seem like rather a good deal. Forbes
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  2.  @Catofsteel  yes and it’s the fault of that factory worker who was paid 1 dollar a day on that factory floor
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  3.  @Meditations2024  But the research finds that China leads the U.S. by a few other measures, including being ahead of the U.S. in producing top-tier AI researchers, based on undergraduate degrees, with China at 47% and the U.S. lagging with 18%. Additionally, among top-tier AI researchers working at U.S. institutions, 38% have China as their country of origin, compared with 37% from the U.S. CNBC
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  4.  @Polit_Burro  s why did you pick 1979? 1972 Nixon went to China to get them to open up their economy Sure the Americans may have lost 7 million manufacturing jobs from the height of their manufacturing days. But they gained 53 million service sector jobs 33 million of them higher paying jobs than their manufacturing jobs So with more jobs, more higher paying jobs, and added savings from imported goods did the average American Invest, save, or even throw that money under the mattress???? No they spent those added earnings, and thenborrowed to spend some more 👇 The U.S. Lost 7 Million Manufacturing Jobs--And Added 33 Million Higher-Paying Service Jobs It’s also nonsense. The truth is that America has lost some 7 million manufacturing jobs and added some 53 million jobs in services. This is just what happens with advanced economies–it’s easier to increase productivity in manufacturing than it is in services, this is the heart of Baumol’s Cost Disease. As it was easier to increase productivity in agriculture through mechanising it than it was in manufacturing. Thus, over time, the proportion of the workforce engaged in agriculture falls, so too does the proportion in manufacturing. And given that services (with a couple of small adjustments for mining, construction and utilities) is the name we give to all the rest of the economy therefore an increasing portion of the labour force ends up in services. Further, of those 53 million new jobs some 62% of them were in higher paying occupations than those “high paying good jobs” in manufacturing we lost. Yes, really, 33 million higher paying jobs came along to replace those 7 million lost. Which does, when you look at those numbers properly, seem like rather a good deal. Forbes
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  5.  @bigmedge  Sure the Americans may have lost 7 million manufacturing jobs from the height of their manufacturing days. But they gained 53 million service sector jobs 33 million of them higher paying jobs than their manufacturing jobs So with more jobs, more higher paying jobs, and added savings from imported goods did the average American Invest, save, or even throw that money under the mattress???? No they spent those added earnings, and thenborrowed to spend some more 👇 The U.S. Lost 7 Million Manufacturing Jobs--And Added 33 Million Higher-Paying Service Jobs It’s also nonsense. The truth is that America has lost some 7 million manufacturing jobs and added some 53 million jobs in services. This is just what happens with advanced economies–it’s easier to increase productivity in manufacturing than it is in services, this is the heart of Baumol’s Cost Disease. As it was easier to increase productivity in agriculture through mechanising it than it was in manufacturing. Thus, over time, the proportion of the workforce engaged in agriculture falls, so too does the proportion in manufacturing. And given that services (with a couple of small adjustments for mining, construction and utilities) is the name we give to all the rest of the economy therefore an increasing portion of the labour force ends up in services. Further, of those 53 million new jobs some 62% of them were in higher paying occupations than those “high paying good jobs” in manufacturing we lost. Yes, really, 33 million higher paying jobs came along to replace those 7 million lost. Which does, when you look at those numbers properly, seem like rather a good deal. Forbes
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  6.  @tom23245  Americans talk about buying American they just don’t want to pay for it Most polls I see over 80% of Americans don’t want to pay up to 10% more for a “made in the USA” vs imported I’m thinking really 10% 🙄🤔🙄 👇 Americans want U.S. goods, but not willing to pay more: Reuters/Ipsos poll A Reuters/Ipsos poll released on Tuesday found 70 percent of Americans think it is “very important” or “somewhat important” to buy U.S.-made products. Despite that sentiment, 37 percent said they would refuse to pay more for U.S.-made goods versus imports. Twenty six percent said they would only pay up to 5 percent more to buy American, and 21 percent capped the premium at 10 percent. Reuters
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  7.  @tooltalk  without that strong dollar/peteo dollar/ worlds reserve currency status ??!! America would not be able to owe 10s of trillions in Sovereign debt and he able to borrow 1 trillion every 100 days
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  8.  @realharo their AI robots
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  9.  @realharo  Nvidia cuts China AI chip prices amid competition from Huawei- Reuters Among the three, the H20, which is the most powerful, was seeing subdued demand in China, and in some cases, was being sold at an over 10% discount to a similar offering from Huawei- the Ascend 910B, the Reuters report said. The Ascend 910B was also seeing substantially more orders than the H20 from state-backed enterprises, Reuters said, citing limited government data. This came following a mandate from Beijing for state enterprises to use China-made silicon. The 910B is the most advanced Chinese AI chip, and has shot up in popularity in the country following U.S. sanctions that attempted to block China’s access to the latest AI advancements. Its popularity in China presents more headwinds for Nvidia’s business in the country. The chipmaker has struggled to maintain its foothold in Chinese markets following the U.S. sanctions. During its first quarter earnings this week, the company warned that China was becoming an increasingly competitive market, and that the firm’s data center revenue in China fell “significantly.” Steep discounts on the H20 also present more margin pressure for Nvidia. Finance Yahoo
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  10.  @realharo  China’s AI Implementation Is Edging Ahead Of The US Craig S. Smith Contributor Craig S. Smith is a former correspondent and executive at The New York Times. He is host of the podcast Eye on A.I. Jan 14, 2023, China and the U.S. have reached parity in the development of artificial intelligence, but China’s implementation of the technology in products and services is likely to edge ahead in 2023. As Kaifu Lee, a keen observer of AI development in China has put it, “we're now in the age of AI implementation.” While the West, the U.S. and Canada in particular, will remain ahead in AI research, those Western advances are quickly adopted in China where the massive market, a surfeit of young engineers, government support and a cutthroat entrepreneurial culture are driving industrial innovation in AI. “The digital and real economies are accelerating their integration,” said Baidu’s Chief Technology Officer, Haifeng Wang, who is also Head of Baidu Research. Forbes
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  11.  @ChandanMishra-ql1bi  Sure the Americans may have lost 7 million manufacturing jobs from the height of their manufacturing days. But they gained 53 million service sector jobs 33 million of them higher paying jobs than their manufacturing jobs So with more jobs, more higher paying jobs, and added saving from imported goods did the average American Invest, save, or even throw that money under the mattress???? No they spent those added earnings, and thenborrowed to spend some more 👇 The U.S. Lost 7 Million Manufacturing Jobs--And Added 33 Million Higher-Paying Service Jobs It’s also nonsense. The truth is that America has lost some 7 million manufacturing jobs and added some 53 million jobs in services. This is just what happens with advanced economies–it’s easier to increase productivity in manufacturing than it is in services, this is the heart of Baumol’s Cost Disease. As it was easier to increase productivity in agriculture through mechanising it than it was in manufacturing. Thus, over time, the proportion of the workforce engaged in agriculture falls, so too does the proportion in manufacturing. And given that services (with a couple of small adjustments for mining, construction and utilities) is the name we give to all the rest of the economy therefore an increasing portion of the labour force ends up in services. Further, of those 53 million new jobs some 62% of them were in higher paying occupations than those “high paying good jobs” in manufacturing we lost. Yes, really, 33 million higher paying jobs came along to replace those 7 million lost. Which does, when you look at those numbers properly, seem like rather a good deal. Forbes
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