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ABOUT THE SONG: — It’s the Service, Stupid: Understanding the Real U.S. Economy

One of the most fundamental misconceptions of Trumpenomics is the belief that the United States is—or should be—a manufacturing-first economy. In reality, the U.S. has evolved into a service-based powerhouse and is now the world’s largest exporter of services, including finance, healthcare, education, software, intellectual property, and other knowledge-driven industries.

This misunderstanding leads to flawed policies, especially regarding trade and tariffs. By focusing solely on manufacturing, Donald Trump’s economic rhetoric and calculations ignore the true engine of American growth: its service sector. Consequently, trade deficits and labor dynamics are misrepresented, giving the public a distorted view of global economic relationships.

Moreover, the claim that American jobs have been “shipped overseas” doesn’t stand up to scrutiny. The vast majority of high-paying jobs in the U.S.—from tech and logistics to finance and retail—were never exported. Companies like Microsoft, Meta, Amazon, Apple, Nvidia, Tesla, and Walmart generate millions of high-wage, service-based and technology-driven jobs that never originated as U.S. manufacturing positions in the first place. These firms pay some of the highest wages in the country, often without union representation, and their core operations remain solidly domestic.

Many of these companies outsource some manufacturing to countries with a comparative advantage—not to “steal” American jobs, but because the U.S. never had a competitive edge in those areas to begin with. Attempting to resurrect those jobs now through protectionist measures only undermines U.S. competitiveness and innovation.

Labor policy should be forward-facing. The labor movement must pivot from defending obsolete jobs to championing education, reskilling, and innovation. As with the buggy whip—once essential, now archaic—progress depends on adaptation, not nostalgia.

The truth is clear: America’s economic future lies not in reindustrialization, but in continuing to lead the global service economy. Failing to recognize this does more than hurt economic efficiency—it risks steering the nation backward just when it needs to charge forward. By eroding global confidence in the U.S. as a reliable trading partner, Trump risks permanently weakening the dollar and undermining America’s ability to finance its debt at sustainable levels.