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#1 In 1946, American families were poor by today’s standards. But over the next three decades, American society experienced one of the most impressive economic transformations in history. Salaries and incomes grew at an astonishing rate. Consumption exploded at all levels of society.

#2 The engine that made all of this possible was an unprecedented rise in the productivity of workers. Because of better management practices and a tremendous surge in investment in new and more modern machines, an American factory worker in 1975 could produce twice as much for each hour worked as the same worker could in 1946.

#3 The decline of this engine of growth is staggering. Although the US population is now much larger than it was in 1978, there are half as many jobs in manufacturing as there were at its peak.

#4 The decline of manufacturing has affected many American communities negatively, as the jobs that were supported by it eventually leave the area.

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