Part 3/9:
The Ripple Effects of Deindustrialization
Cass discussed the dramatic impacts of job losses and deindustrialization over recent decades, which have led to social decay in communities across the nation. One particularly striking comparison he made was with the opioid epidemic in the United States, highlighting how economic despair correlates with addiction and societal breakdown. The job market, he argues, has hollowed out, leading to the decline of once-thriving industrial sectors.
The focus on consumption over production has resulted in an imbalance that undermines the potential for growth within local economies. By prioritizing cheap imported goods at the expense of domestic manufacturing, the U.S. has sacrificed crucial economic opportunities for many workers.