It was in the 1890s that the United States took over as the leading economic power in the world, but that is expected to change within the next four years. According to a report by the International Monetary Fund, by the year 2016, China will overtake the United States as the world's top economic power.
One of the contributing factors to America's slipping from first place is the loss of many manufacturing jobs from the United States to China. In the past decade alone, it is estimated that 2.8 million jobs were lost to China , 62.9 percent of which were in the manufacturing industry.
The impact of the loss of these manufacturing jobs can be felt throughout the American economy, not just among blue-collar workers.
"Any goods that are manufactured within the United States support four or five other jobs in the economy," said Steven Capozzola, communications director at the Alliance for American Manufacturing. "The difference is when you buy something in China or somewhere else, your money is leaving the country, and that is certainly not helpful when the economy is tight. What we do in the United States is pay our workers well and give them health care, and this supports a first-world economy. There is a great benefit to paying workers well."
Capozzola said Americans are beginning to care about buying American-made products, again.
"In a recent poll, 97 percent of people have a favorable view of goods made in America," Capozzola told BusinessNewsDaily. "Approval [for American products] has skyrocketed, and part of the reason is safety. American brands stand for higher product quality, and now the average person understands that if a product is made here, it supports the economy."