"To be honest, I think the recovery will be surprisingly fast"
How? Our manufacturing sector has been taken apart in the last 20 years. A large amount of baby boomers are retiring now, cashing out 401k/IRA/social security/medicare.
How? Our manufacturing sector has been taken apart in the last 20 years. A large amount of baby boomers are retiring now, cashing out 401k/IRA/social security/medicare.
I'm American, and I'll say that this is a typical American thing to say. We live in a world economy now. Certain parts of the world specialize in certain sectors. We can come out of a recession without depending on manufacturing. What you're saying is the equivalent of saying that a place like Silicon Valley can never escape a recession because they don't have a huge manufacturing base like, say, Pittsburgh.
Yes, we make game/tv/movie/porn/internet. But notice that Asia is notorious at pirating them.
Yes, but in this worldwide recession, people only buy things that they need. Those things you mentioned are all advanced (want, not need) products, which has dropped severely in demand. Things we need (oil, cheap stuff, cheap services) are mostly manufactured by other countries.
The middle part of the country grows a large portion of what we eat. I can't state everything everyone needs, but food is certainly one of those things. On top of that, I don't see how you can say medical advancements are something we don't need.