I read somewhere that 70% of all goods US consumers buy are not made here. This really puts into perspective how we've lost the manufacturing industries to overseas. It means that even if we put money into the hands of the consumer, the manufacturing that will be required will be done overseas and job creation is not really going to be helped that much.
In thinking about how to strengthen the economy, besides lowering taxes to stimulate business investments, the best thing the govenrment can do is to leave business and the market alone, make sure our citizens are safe, our borders secure, and our interests overseas are protected.
Beyond that, government should just stay out of it. Americans will find a way to rebuild the economy and take care of business. When times are tough and things are confusing and not going right, I suggest to people that they stick to the basics, the fundamentals, sound principles, etc. Here are some basic things to do or be encouraged about.
One solution to the poor job market is start your own business. Grow your wealth from ownership rather than from income as in a job. Jobs arent around. So yes, I look to entrpreneurship, startups and small business to create jobs. There may be a problem in that if it were a manufacturing enterprise, chances are that sooner or later the manufacturing may be outsourced to a foreign country. That may still be ok if you still own the product and specially if you own the factory "over there". Regaining leadership in manufacturing will take a while and will take some government action with regards to our arrangements overseas.
There are problems with outsourcing, with overseas operations, and with owning overses companies. Our government has not always done a good job of protecting American businesses overseas nor in getting fair treatment at both the micro and the macro levels. The issues there are a different topic so I just want to say that entrpreneurship and startups and creating and owing intellectual property are good things to do whether you do it here or have to do it "over there".. Entrpreneurship and ownership of business assets in my view is part of America getting back to basics.
Mining. You dont outsource mining jobs. They can't steal the intellectual property. And besides, the way the economy is going, commodities like gold, silver and many of the rare earth metals are going to be much more valuable. I have to believe that there is still a lot of untapped wealth in our country, So i expect an invigorated mining industry to help America can regain its wealth. I bet if we look closely we will find government disincentives to these industries, and we have to fix that, And let's celebrate when miners and prospectors strike it rich.
Agriculture and Food Production. Again, these are hard to outsource and our land is great for these industries. When times are bad, these industries are the most basic and the most vitally needed. And the world will need them. These industries account for a big part of our exports, so thay are one of our strengths. So I believe Americans will find ways to maintain this strength and we should be happy to see farmers, ranchers, winemakers,etc do well. We have to pay attention to their concerns about what the government does to harm their business interests (like some of the water policies in California).