The 2000s were the death of American manufacturing
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By 2000, America was absolutely supreme.
By 2008, China had a firm upper hand.
By 2016, it was fucking over for the USA.
It all went horribly wrong in the 2000s. But the seeds were planted earlier.
The 1980s saw the financialization of the economy and the beginning of the explosion of the national debt.
The 1990s saw offshoring start up full blast and mass illegal immigration, mainly from Mexico at first, began right after NAFTA went into effect in 1994 (NAFTA was signed into law by George HW Bush).
2000 saw the repeal of Glass Steagal, instituted during the Great Depression to prevent another banking meltdown, and immediately, the banks started creating CDOs and other bizarre, hyper-complex "financial instruments" that ended up causing what would have been another Great Depression beginning in 2008 if the economic implosion had been allowed to run its course and the banks and other giant corporations hadn't been bailed out.
So the American downfall that manifested really hard for the first time in the 2000s decade had its roots in earlier times.
By 2000, America was absolutely supreme.
By 2008, China had a firm upper hand.
By 2016, it was fucking over for the USA.
It all went horribly wrong in the 2000s. But the seeds were planted earlier.
The 1980s saw the financialization of the economy and the beginning of the explosion of the national debt.
The 1990s saw offshoring start up full blast and mass illegal immigration, mainly from Mexico at first, began right after NAFTA went into effect in 1994 (NAFTA was signed into law by George HW Bush).
2000 saw the repeal of Glass Steagal, instituted during the Great Depression to prevent another banking meltdown, and immediately, the banks started creating CDOs and other bizarre, hyper-complex "financial instruments" that ended up causing what would have been another Great Depression beginning in 2008 if the economic implosion had been allowed to run its course and the banks and other giant corporations hadn't been bailed out.
So the American downfall that manifested really hard for the first time in the 2000s decade had its roots in earlier times.
