America needs to get back to the basics of creating things of value and there is no better time than now, says Bob Lutz, former vice chairman of General Motors.
"There is a dawning awakening on the part of most Americans that we cannot maintain the wealth of the nation by being bond traders [and] lawyers," he tells Aaron in the accompanying interview. "At some point the country has to get back to work and create wealth through mining, agriculture or manufacturing."
In his new book, Car Guys vs Bean Counters: The Battle for the Soul of American Business, Lutz makes the case for why there is now a "historic window of opportunity" for the United States to regain is leadership as the world's top manufacturer and exporter.
He gives three key factors:
Sobered Unions: "[There's] a new sense of realism on the part of the unions that boy, if you overmilk the cow she is going to drop over dead."
Drive for Competitiveness: There's "a renewed emphasis on being more than competitive with the Japanese and the Germans," especially when it comes to the auto industry.
Weak Dollar: "Right now with the dollar where it is and American wage rates where they are, there is no excuse not to manufacture in the United States."
Watch the interview for industries he believes the U.S. can compete in against low-wage labor markets. And, tell us what you think: Do you believe the U.S. can rebuild its manufacturing base?
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