Monarch

Thanks to Monarch for partnering with me! Start your free trial and get 50% off your first year of total money clarity using my link https://monarchmoney.yt.link/8sEYHFU or code hmwu50. Sign up for our FREE newsletter! - https://www.compoundeddaily.com/ Books we recommend - https://www.howmoneyworkslibrary.com/ ----- My Other Channel: @HowMoneyWorks @HowHistoryWorks Edited By: Svibe Multimedia Studio Music Courtesy of: Epidemic Sound Select Footage Courtesy of: Getty Images 📩 Business Inquiries ➡️ sponsors@worksmedia.group Sign up for our newsletter https://compoundeddaily.com 👈 All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind. #bluecollar #globalisation ----- Why don’t we build things anymore? It’s a common and honestly not unfair question asked by everyone from out of touch retirees (who got their job on a factory floor with a firm handshake), all the way up to our own military who are starting to realize that we may not be able to support ourselves if we lose trade relationships with all of the countries we have outsourced to. The share of our economic output coming from actual production has more than halved over the last 50 years, with almost all of that being replaced by broadly defined “services” Bringing back “real jobs” making “real stuff” in “real factories” has become a popular political message to reverse this trend and it’s easy to see why. In the past these jobs offered non-college educated people a skilled profession that often came with good pay and benefits in areas that didn’t have a high cost of living. At the same time that we have lost those industries, we have lost those kinds of jobs as well. But if we really are going to go all in in an effort to bring back those factory jobs, we should probably take some time to understand what made them so desirable in the first place, because without the rose tinted glasses of nostalgia it is worth recognising that this was hard work with grueling hours. This is to say nothing of the fact that even if we do manage to reverse all of the outsourcing we have done, a lot of this work might just be incompatible with a world rapidly progressing towards widespread automation… ----- 00:00 Intro 01:41 Factory Jobs are Tough AF... Why do we want them back? 11:42 How Much would it cost to make an iPhone in America? 20:44 How did big business get so dumb? 30:12 Just build more houses!!! 43:25 How to win a trade war