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JPMorgan Executive Says Manufacturing Jobs Are Yesterday's News
CNBC was out this morning with a report that had me scratching my head harder than trying to figure out why my neighbor's leaf blower quit working. A JPMorgan executive named Caffrey went on record saying that wanting a manufacturing economy means "turning your back" on productivity growth. According to this Wall Street wizard, America should focus on services and high-tech instead of making things with our hands.
Caffrey argued that manufacturing jobs are essentially yesterday's news — that we're better off pushing paper and writing code than building cars, appliances, or tools. He pointed to productivity statistics showing that service sectors generate more economic output per worker hour. The banker suggested that politicians pushing for manufacturing jobs are living in the past, fighting an economic battle that's already been lost to automation and global competition.
The report came as part of a broader discussion about America's economic future, with Caffrey representing the Wall Street view that we should embrace our role as a knowledge economy rather than trying to bring back factory jobs. He essentially said the quiet part out loud that a lot of financial types believe: that manufacturing is for other countries, and America's destiny lies in managing money and building apps.
✍ My Take: This is exactly the kind of thinking that got us into this mess in the first place. Here's a guy who's probably never changed his own oil telling the rest of us that making things doesn't matter. Meanwhile, every time China decides to sneeze, we can't get the parts we need to fix a dishwasher or build a house. How's that productivity working out when your truck's sitting in the shop for three months waiting on a chip from overseas? Let me tell you something this banker doesn't understand: manufacturing jobs don't just build products — they build communities. When the factory closes, so does the diner, the hardware store, and half the main street. Those "productive" service jobs he's talking about? They don't anchor a town the way a plant does. And here's the kicker — when push comes to shove and we need masks, ventilators, or steel, you can't email those into existence. You need people who know how to make stuff, and you need them here at home. The real productivity we've lost isn't in some economist's spreadsheet — it's the knowledge of how things actually work. We've got a generation of kids who can code but can't change a tire, and Wall Street thinks that's progress. What happens when the internet goes down but your water heater still needs fixing? Caffrey's productivity numbers won't keep you warm at night, but a guy who knows how to bend pipe and strike an arc sure will.
Keep your tools sharp and your skills sharper. They can't outsource common sense.
— Backyard Legends Editor