What good is all that productivity if people are unemployed and can't afford to buy it?
American industry needs to take a look back at Henry Ford.
Manufacturing employment fell during the Reagan years, but the "Service Economy" grew.
(I recall looking at a friend and saying "We aren't going to get rich scrubbing each others toilets".) Wealth must be created, but at the same time, in order to convert it into something other than a warehousing expense, others have to be able to purchase those value-added products.