> The US has modest corporate taxes, a good business regulatory environment, amazing capital markets,
Yep!
> ports that can easily get you to Asia/Europe/Latin America, consumers,
Yep!
> and labor
Nope. Labor costs in the US are ridiculous and make it non-economical for most consumer manufacturing. This is why real output remains low and we are exploring 'friend-shoring.'
Well… I believe labor in the US is cheaper than Australia, NZ, UK, and most of the EU. (I’m not sure about Japan). Basically all comparable countries in terms of wealth. So that’s something?
There's 0 chance US labor is cheaper than the UK at this point.
US:
>Real median household income was $74,580 in 2022
UK:
>In the financial year ending (FYE) 2022, median household income in the UK before taxes and benefits was £35,000, increasing to £38,100 after taxes and benefits.
US labor is in no way, shape or form cheaper than EU labor, even with the higher taxes in the EU. Have you checked the average or median salary in the US and Germany, France, Spain, let alone any Eastern European country?
Yep!
> ports that can easily get you to Asia/Europe/Latin America, consumers,
Yep!
> and labor
Nope. Labor costs in the US are ridiculous and make it non-economical for most consumer manufacturing. This is why real output remains low and we are exploring 'friend-shoring.'