It’s now early May, and here’s where we stand in the United States regarding the COVID-19 pandemic. The death rate sits at 0.023%, while the unemployment rate has ballooned to 14.7% (as of May 8). COVID-19-related stimulus spending has reached $3.5 Trillion.
I keep a $10 trillion Zimbabwe bill tacked up on the wall in my office to remind me of what rampant inflation will do to a currency when too many dollars chase too few goods.
Printing money will not solve this pandemic-turned-economic-crisis. You can’t eat money, and it won’t keep you warm in the winter or protect you from the rain. All these things come from the segments of our economy that create real wealth and real goods – mining, farming, manufacturing and construction.
To solve our problems, we need to get back to work. We also need to manufacture critical infrastructure items here in the U.S. Because of these two points, I expect an onshoring trend in U.S. manufacturing to result from efforts to get back to business as usual.
We are the largest exporter of food in the world because we automated farming, and automation will continue to enable the U.S. to compete with low-cost labor while creating high-value jobs right here at home.
We can do this!
For example, our ARC-06S welds parts seven times faster than the semi-automatic technology used overseas. If we could help you make parts 700% faster than your competition, would that help?
ARC Specialties thrives on problems. Send us yours, and find out how we can solve them.
- Dan Allford, President, Arc Specialties