Manufacturing fancy and facts

Last week speaking at the NAACP convention in Nashville, presidential hopefuls Bill Clinton and Ross Perot addressed economic policy and problems with the national economy. Both wannabees talked about an America in decline and used the "decline" of U.S. manufacturing as one of their indicators.

Here's another example, in the immortal words of Will Rogers, of "things we know that ain't so." Let's review the facts as compiled by the Washington, D.C.-based Manufacturing Institute.

Myth: The U.S. is losing its manufacturing base.

Reality: Manufacturing accounts for more than 20% of the U.S. economy. It has been about 20% for the past 80 years, as the economy has grown from less than $1 trillion to nearly $6 trillion.

Myth: Employment in manufacturing is declining.

Reality: Manufacturing employment increased to more than 20 million in the 1970s, up from 15 million in 1950. Manufacturing employment now cycles between 18 and 22 million