Abstract
Among the many economic problems facing the United States in the coming years, none may be more critical than the steady erosion of our industrial competitiveness in the international marketplace. The U.S. merchandise trade deficit has reached record levels: $69.4 billion in 1983 and a projected $100 billion or more in 1984. Since 1978, we have lost 3 million manufacturing jobs; today, manufacturing employment represents less than 21 percent of total employment in this country, compared with 34 percent in 1950, and pessimistic scenarios suggest it may drop to as low as 17 percent by 1995. Almost all of the net employment growth in the United States since the 1970s has been in the service and high‐tech sectors.
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