Paul Craig Roberts writes in his most recent column that “My hat is off to Business Week” for their cover story on “phantom GDP” and the acknowledgement by federal officials that domestic manufacturing output has been “substantially overstated” in recent years. Business Week’s article stated that the gains in domestic manufacturing output since 2003 could have been overstated by as much as 40%.

Hopefully this is a sign that even more economists are going to take a closer look at the real costs of offshoring and manufacturing job loss…and stop passing off the anxiety American workers have about the economy as “phantom concerns.”

This entry was posted on Wednesday, June 13th, 2007 at 6:44 pm and is filed under Manufacturing in the U.S., Economic Security. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.