--- title: "Meaning & Key Takeaway of: Overall, more than fifty-nine thousand…" description: "\"“Overall, more than fifty-nine thousand factories and production facilities were shut down all across America over the last decade, and employment in t..." image: "https://sms4smile.com/quotes/i/ff6/hedrick-smith-19137_business-leaders_overall-more-than-fifty-nine-thousand-fa_64633.jpg" --- # Overall, more than fifty-nine thousand factories and… ![“Overall, more than fifty-nine thousand factories and production facilities were shut down all across America over the last decade, and employment in the core manufacturing sector fell from 17.1 million to 11.8 million from January 2001 to December 2011, a punishing toll for what historically had…” quote by Hedrick Smith](https://sms4smile.com/quotes/i/ff6/hedrick-smith-19137_business-leaders_overall-more-than-fifty-nine-thousand-fa_64633.jpg) [Download](https://sms4smile.com/quotes/i/ff6/hedrick-smith-19137_business-leaders_overall-more-than-fifty-nine-thousand-fa_64633.jpg) [Open image](https://sms4smile.com/quotes/i/ff6/hedrick-smith-19137_business-leaders_overall-more-than-fifty-nine-thousand-fa_64633.jpg) > ““Overall, more than fifty-nine thousand factories and production facilities were shut down all across America over the last decade, and employment in the core manufacturing sector fell from 17.1 million to 11.8 million from January 2001 to December 2011, a punishing toll for what historically had been the best sector for steady, good-paying middle-class jobs. By pursuing a deliberate strategy of continual layoffs and by holding down wages, both of which yielded higher profits for investors, business leaders were not only squeezing their employees, they were slowly strangling the middle-class consumer demand that the nation needed for the next economic expansion.”” [Hedrick Smith](https://sms4smile.com/quotes/author/hedrick-smith/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Mass factory closures and wage suppression eroded middle‑class jobs, weakening consumer demand and undermining future economic growth. **In simple terms:** Manufacturing decline hurts jobs and the economy. Key Takeaway Labor and wage policies shape macro‑economic health. Themes economics manufacturing labor middle class policy Mood concerned critical Type political economic When to use this quote - policy debates on trade - corporate profit strategies - regional economic revitalization Key Concepts structural unemployment income inequality Practical Applications - advocate for wage standards - support job‑training programs Questions to Reflect On - What policies could balance investor returns with worker security? - How does consumer demand depend on middle‑class stability? A Different Perspective The narrative may simplify complex global forces like automation and trade agreements. ★ ★ ★ ★ ★ No ratings yet [Business Leader](https://sms4smile.com/quotes/about/business-leader/) [Business leaders](https://sms4smile.com/quotes/about/business-leaders/) [Layoffs](https://sms4smile.com/quotes/about/layoffs/) ## Related quotes > [I do believe that as the country becomes more attractive in the manufacturing sector, salaries can improve, and opportunities can expand.](https://sms4smile.com/quotes/ildefonso-guajardo-villarreal/i-do-believe-that-as-the-country-becomes-more-attractive-in-the/) [Ildefonso Guajardo Villarreal](https://sms4smile.com/quotes/author/ildefonso-guajardo-villarreal/) > [“The fact that de-industrialization is mainly caused by the comparative dynamism of the manufacturing sector vis-à-vis the service sector does not tell us anything…](https://sms4smile.com/quotes/ha-joon-chang/the-fact-that-de-industrialization-is-mainly-caused-by-the/) [Ha-Joon Chang](https://sms4smile.com/quotes/author/ha-joon-chang/) > [Renewable energy also creates more jobs than other sources of energy - most of these will be created in the struggling manufacturing sector, which…](https://sms4smile.com/quotes/jay-inslee/renewable-energy-also-creates-more-jobs-than-other-sources-of-energy/) [Jay Inslee](https://sms4smile.com/quotes/author/jay-inslee/) > [There has to be a drive to make the U.K. competitive in the motorcar industry or in the engineering industry. 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