Industrial Insight

Our Problem, a 2nd Excerpt… Too Important to Miss | August 18, 2020

Raymond Monroe shares an important article by Law & Liberty (, with David P. Golman, hosted by Richard M Reinsch II, retrieved, August 18th, 2020.

The article is long, but there were a few points too important to miss. Below, a second excerpt. Read the entire article HERE.

"If you look at what our kids are doing, we graduate, I think, about 40,000 mechanical engineers a year. That’s not half what Germany does. A tiny fraction of China. The smartest kids aren’t going into manufacturing because the smartest companies aren’t investing in manufacturing. Really ambitious kids at US universities want to either go with a software or a Goldman Sachs, so they study mathematical finance or computer science. The danger is we end up being, if you pardon the expression, geeks in a new Roman Empire. I think we need a very strong signal from the government, including very strong tax incentives and, in rare cases, subsidies for manufacturing investment. We have to get our best talent thinking about manufacturing, particularly the kind of artificial intelligence, computer-driven manufacturing, which the Chinese call the fourth industrial revolution. We need to restore the level of federal support for R&D that we had under Reagan and under Kennedy. We need to get US corporations to understand that their future depends on the future of the United States, and they have to put the kind of effort into R&D that they did back when Bell Labs was the wonder of the world. Nobody knows what happened to Bell Labs. Well, it still exists, because Nokia bought the assets of Lucent. It’s now called Shanghai Bell. It’s sitting in Shanghai, and Nokia employs 16,000 Chinese scientists and engineers in China doing research there. That’s our problem."

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About author

Raymond Monroe is the Executive Vice President for the steel industry trade Association, Steel Founders’ Society of America. He enjoys his crazy family including his wife, five children and their spouses, and many fun and lively grandchildren. Raymond brings more than 40 years in the industry here to share his ‘Industrial Insight’ and other current topics affecting the economic picture of our world today.







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