Nearly every day a news story is published that proclaims the U.S. manufacturing industry is dead and little if any manufacturing hiring is occurring. Take these claims with a grain of salt. U.S. manufacturers are thriving. But they are not the low tech, unskilled-labor businesses of twenty or thirty years ago. They have integrated so much technology into the manufacturing process that they require highly trained employees.
Traders found out that these robots offer a lot of convenience since they do not have to be hooked with their personal computers. The robot will do their betting letting the traders to become richer. Installing the software is so easy and its operation so simple.
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There are certain trades for which a greater number means a greater profit. For all such trades, automated robots are the best bet. It is because you can choose to keep them working all night and day without a stop.
Why was she giving this talk? Simple; we beat the German’s in WWII due to our manufacturing abilities. Today, China can easily out produce us, so are we going to make the same mistake as the Germans did in WWII, in a future war with an industrial power that can out produce us? Well, are we? How can you say the answer is yes or no; you can’t and that’s one more reason manufacturing is so vital to US interests, on top of the importance of jobs, trade flows, and GDP growth. ”A nation lives well, when it produces well,” she reminds us, and quoted Adam Smith’s warning about not relying on military resources to make our defense systems.
First, when you raise the cost of labor for small entry level jobs, there will be fewer of them as businesses raise their prices and clientele evaporates, some businesses will close, fewer jobs. The businesses and business models that survive will absorb those costs with rate and price increases to customers – this results in inflation therefore your dollar will be worth a little less, how much is hard to say; 10%, maybe 20%, which is about how much the minimum wage increase would be from what it is now if it went up to let’s say $10.00.