In this article, the author examines America's industrial decline through economic metrics, particularly focusing on the effects of the dollar's status as the global reserve currency. This privilege allows for low borrowing costs and persistent deficits, which mask significant imbalances in the economy. The author argues that an overvalued currency has led to a hollowing out of the manufacturing sector, which is a characteristic of what is termed 'Dutch disease.' This term refers to the detrimental impact on industry that can arise from resource booms, in this case, driven by international demand for the dollar.

The statistical evidence presented is stark, showing that manufacturing employment in the United States has seen a dramatic decrease. From a peak of 19.6 million jobs in 1979, employment in this sector fell to 12.6 million by early 2026, reflecting a loss of 7 million jobs, or nearly 36%. This decline is attributed to long-term structural changes in the economy rather than just short economic cycles. Such a decrease signifies the corrosion of a vital component of the nation's economic foundation, which is essential not just for job creation but for the stability of the overall economy.

The implications of these findings are profound, suggesting that without a significant shift in economic policy and a reevaluation of currency valuation, the United States may continue to face challenges in reviving its industrial base. The article serves as a commentary on potential solutions and the urgent need for policymakers to address the repercussions of an overvalued dollar and the corresponding erosion of the manufacturing sector.