Skip to content
Bloomberg the Company & Its ProductsThe Company & its ProductsBloomberg Terminal Demo RequestBloomberg Anywhere Remote LoginBloomberg Anywhere LoginBloomberg Customer SupportCustomer Support
  • Bloomberg

    Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world

    For Customers

    • Bloomberg Anywhere Remote Login
    • Software Updates
    • Manage Products and Account Information

    Support

    Americas+1 212 318 2000

    EMEA+44 20 7330 7500

    Asia Pacific+65 6212 1000

  • Company

    • About
    • Careers
    • Diversity and Inclusion
    • Tech At Bloomberg
    • Philanthropy
    • Sustainability
    • Bloomberg London
    • Bloomberg Beta
    • Gender-Equality Index

    Communications

    • Press Announcements
    • Press Contacts

    Follow

    • Facebook
    • Twitter
    • LinkedIn
    • Instagram
  • Products

    • Bloomberg Terminal
    • Execution and Order Management
    • Content and Data
    • Financial Data Management
    • Integration and Distribution
    • Bloomberg Tradebook

    Industry Products

    • Bloomberg Law
    • Bloomberg Tax
    • Bloomberg Government
    • BloombergNEF
  • Media

    • Bloomberg Markets
    • Bloomberg Technology
    • Bloomberg Pursuits
    • Bloomberg Politics
    • Bloomberg Opinion
    • Bloomberg Businessweek
    • Bloomberg Live Conferences
    • Bloomberg Radio
    • Bloomberg Television
    • News Bureaus

    Media Services

    • Bloomberg Media Distribution
    • Advertising
  • Company

    • About
    • Careers
    • Diversity and Inclusion
    • Tech At Bloomberg
    • Philanthropy
    • Sustainability
    • Bloomberg London
    • Bloomberg Beta
    • Gender-Equality Index

    Communications

    • Press Announcements
    • Press Contacts

    Follow

    • Facebook
    • Twitter
    • LinkedIn
    • Instagram
  • Products

    • Bloomberg Terminal
    • Execution and
      Order Management
    • Content and Data
    • Financial Data
      Management
    • Integration and
      Distribution
    • Bloomberg
      Tradebook

    Industry Products

    • Bloomberg Law
    • Bloomberg Tax
    • Bloomberg Government
    • Bloomberg Environment
    • BloombergNEF
  • Media

    • Bloomberg Markets
    • Bloomberg
      Technology
    • Bloomberg Pursuits
    • Bloomberg Politics
    • Bloomberg Opinion
    • Bloomberg
      Businessweek
    • Bloomberg Live Conferences
    • Bloomberg Radio
    • Bloomberg Television
    • News Bureaus

    Media Services

    • Bloomberg Media Distribution
    • Advertising
  • Bloomberg

    Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world

    For Customers

    • Bloomberg Anywhere Remote Login
    • Software Updates
    • Manage Contracts and Orders

    Support

    Americas+1 212 318 2000

    EMEA+44 20 7330 7500

    Asia Pacific+65 6212 1000

Bloomberg UK

Switch Editions
  • UK
  • Europe
  • US
  • Asia
  • Middle East
  • Africa
  • 日本
Sign In Subscribe
  • Bloomberg TV+

    Bloomberg Daybreak Middle East

    Bloomberg Daybreak Middle East

    Bloomberg Daybreak Middle East. Live from Dubai, connecting Asian markets to the European opens. The show will focus on global macro issues with a middle eastern context, provide expert analysis of major market moving stories and speak with the biggest newsmakers in the region.

    Bloomberg Radio

    BTV Simulcast

    BTV Simulcast

    Simulcast of Bloomberg Television

    Listen

    Quicktake

    Whistle Season 1-

    Whistle Season 1

    Series focused young entrepreneurs making their mark

    Also streaming on your TV:

    • Markets
      Markets
      • Economics
      • Deals
      • Odd Lots
      • The FIX | Fixed Income
      • ETFs
      • FX
      • Factor Investing
      • Alternative Investing
      • Economic Calendar
      • Markets Magazine
      Tourist Rush Bolsters Outlook for Thailand’s Economy and Currency

      Markets

      Thai Economy Grows Slower Than Estimated Amid Inflation Risk

      US Stocks Set For Flat Month After Bear Market Scare

      Markets

      Hedge Funds Flip to Dollar Bears on Bets Peak of Rally Is Over

      Market Data

      • Stocks
      • Commodities
      • Rates & Bonds
      • Currencies
      • Futures
      • Sectors

      Follow Bloomberg Markets

      View More Markets
    • Technology
      Technology
      • Work Shifting
      • Code Wars
      • Checkout
      • Prognosis

      Follow Bloomberg Technology

      View More Technology
    • Politics
      Politics
      • US
      • UK
      • Americas
      • Europe
      • Asia
      • Middle East
      RUSSIA-NKOREA-DIPLOMACY

      Politics

      Putin Vows to Expand Partnership With North Korea’s Kim Jong Un

      Covid testing in Xinjiang

      Politics

      Xi Crackdown Foils Shanghai-Like Covid Unrest in Xinjiang, Tibet

      Featured

      • Hong Kong's 25 Years Under China
      • Next China

      Follow Bloomberg Politics

      View More Politics
    • Wealth
      Wealth
      • Investing
      • Living
      • Opinion & Advice
      • Savings & Retirement
      • Taxes
      • Reinvention
      Wells Fargo Plans Major Retreat From Mortgage Business It Long Dominated

      The Big Take

      Wells Fargo Plans Major Retreat From Mortgage Business It Long Dominated

      Day Two Of The World Economic Forum (WEF) 2022

      Wealth

      Soros Reloads on Big Tech With Amazon, Google and New Tesla Bet

      Featured

      • How to Invest

      Follow Bloomberg Wealth

      View More Wealth
    • Pursuits
      Pursuits
      • Travel
      • Autos
      • Homes
      • Living
      • Culture
      • Style
      Anne Heche Dies of Crash Injuries After Taken Off Life Support

      Pursuits

      Anne Heche Dies of Crash Injuries After Taken Off Life Support

      Will Zalatoris Gets 1st PGA Tour Win in Playoff At Memphis

      Pursuits

      Will Zalatoris Gets 1st PGA Tour Win in Playoff At Memphis

      Featured

      • Screentime
      • New York Property Prices
      • Where to Go in 2022

      Follow Bloomberg Pursuits

      View More Pursuits
    • Opinion
      Opinion
      • Business
      • Finance
      • Economics
      • Markets
      • Politics & Policy
      • Technology & Ideas
      • Editorials
      • Letters
      General Economy And Political Posters Ahead Of Egypt Election

      David Fickling

      To Tackle Hunger, We Need to Fix Food Subsidies

      Gandhi And Jinnah

      Nisid Hajari

      Modi’s India Is Becoming a Reflection of Jinnah’s Fears

      JAPAN-POLITICS-HISTORY

      Gearoid Reidy

      Lay Japan’s War Debates to Rest Along With Abe

      Follow Bloomberg Opinion

      View More Opinion
    • Businessweek
      Businessweek
      • The Bloomberg 50
      • Best B-Schools
      • Small Business Survival Guide
      • 50 Companies to Watch
      • Good Business
      • Subscribe to the Magazine
      tech_meta_01

      Technology

      Mark Zuckerberg’s Sheryl Sandberg Replacement Has Long Been Meta’s Top Fixer

      Booming Beef Industry Has Urban Cowboys Lining Up to Buy Cattle in Uruguay

      Finance

      Booming Beef Industry Has Urban Cowboys Lining Up to Buy Cattle in Uruguay

      The Work-From-Home Revolution Is Also a Trap for Women

      Economics

      The Work-From-Home Revolution Is Also a Trap for Women

      Follow Bloomberg Businessweek

      View More Businessweek
    • Equality
      Equality
      • Corporate Leadership
      • Capital
      • Society
      • Solutions
      FRANCE-HEALTH-WOMEN

      Equality

      Surging Inflation Leads to Jump in Britons Needing Free Tampons

      Manhattan's Most Beautiful Supermarket Reopens as a Trader Joe's

      Equality

      Trader Joe’s Employees at Minneapolis Store Vote for Union

      Spain Sets Up Monkeypox Testing Site As Cases on The Rise

      Prognosis

      The WHO Is Renaming Monkeypox and Wants Your Help

      Follow Bloomberg Equality

      View More Equality
    • Green
      Green
      • New Energy
      • ESG Investing
      • Weather & Science
      • Electric Vehicles
      • Climate Politics
      • Greener Living
      • Cleaner Tech
      French Wildfire Stops Expanding; Workers Seek to Tame It

      Green

      French Wildfire Stops Expanding; Workers Seek to Tame It

      A Fire Forces The Evacuation Of The Municipalities Of Alcala And Añon De Moncayo (aragon).

      Green

      Major Wildfire in Spain Forces the Evacuation of 1,500

      Featured

      • Data Dash
      • Hyperdrive

      Follow Bloomberg Green

      View More Green
    • CityLab
      CityLab
      • Design
      • Culture
      • Transportation
      • Economy
      • Environment
      • Housing
      • Justice
      • Government
      • Technology
      Santiago Calatrava's Tower in Westworld

      Design

      The Real-World Architects Who Built the Sci-Fi Dystopias of ‘Westworld’

      PHILIPPINES-EDUCATION

      Economics

      Years of Covid School Closures Leave Philippines With Deep Scars

      Hong Kong’s Found Cafe As City Ban on CBD Products Leaves Companies Facing Ruin

      CityLab

      Hong Kong’s Ban on CBD Products Leaves Companies Facing Ruin

      Follow Bloomberg CityLab

      View More CityLab
    • Crypto
      Crypto
      • Decentralized Finance
      • NFTs
      • Regulation
      • Technology
      Cryptocurrency ATMs in Poland

      Crypto

      Bitcoin Tops $25,000 for First Time Since June Amid Crypto Rally

      Reddit CEO Says WallStreetBets 'Well In Bounds' Of Its Policy

      Crypto

      Crypto Reddit Mobilizes After Being Pummeled by Bankruptcies

      Former Turing Pharmaceuticals CEO Martin Shkreli Jury To Start Deliberations In Fraud Trial

      Investing

      ‘Pharma Bro’ Martin Shkreli’s Crypto Token Plunges After Massive Sale

      Follow Bloomberg Crypto

      View More Crypto

Live on Bloomberg TV

CC-Transcript

  • 00:00DEBATE HERE RIGHT NOW. THERE WE GO, "BUILDING THE NEW AMERICAN ECONOMY." LET'S GO TO THE SINGLE BEST CHART NOW. THIS IS THE DECLINE IN MANUFACTURING IN AMERICA, AND THIS IS ADJUSTED FOR POPULATION. IT IS A LITTLE BIT OF AN ODD CHART. HOW DO WE GET AN AMERICA BUILT SACHS TOUGH? HOW DO WE GET TOUGH ABOUT THIS AND BUILD A TOUGH POLICY TO BOOST TRADE AND MANUFACTURING? JEFFREY: THAT IS A GREAT CHART, BUT THAT IS NOT A CHART OF AMERICAN MANUFACTURING. THAT IS A CHART OF MANUFACTURING EMPLOYMENT. THAT IS DIFFERENT, BECAUSE MANUFACTURING HIS INCREASED, BUT EMPLOYMENT HAS DECREASED, MAINLY BECAUSE OF PRODUCTIVITY. THAT IS REALLY IMPORTANT. WE ARE DOWN TO 8% OF EMPLOYMENT IN MANUFACTURING RIGHT NOW BECAUSE WE ARE A SERVICE ECONOMY. WHAT IS WRONG WITH MANUFACTURING ? NOTHING EXCEPT THE FACT THAT IT IS ROBOTS DOING IT. THIS IS A HUGE PLUS. THESE WERE A LOT OF JOBS THAT -- TOM: BUT THEY WERE THE LABOR. WE HAD A DEBATE WITH DANNY AT HARVARD, JEFF SACHS FROM COLUMBIA. WHAT DO WE DO WITH THE LABOR THAT HAS BEEN RUN OVER, WHO VOTED FOR SENATOR SANDERS, VOTED FOR PRESIDENT TRUMP? WHAT DO WE DO FOR THOSE PEOPLE WHO ARE ANGRY, ANGRY, ANGRY? JEFFREY: FIRST YOU LOOK AT WHERE DID ALL THAT INCOME GO -- TO THE VERY TOP. THIS IS THE ONE THING WE DO NOT LIKE TO TALK ABOUT IN THIS COUNTRY. THE STOCK MARKET IS BOOMING, THE WEALTH IS BOOMING, AND THEY WANT EVEN MORE TAX CUTS RIGHT NOW. THAT IS THE BIG PROBLEM. SO INSTEAD OF SOME FAIRNESS IN OUR SYSTEM, TRUMP SAYS WE ARE GOING TO BLAME THE FOREIGNERS. SO OF COURSE THAT IS ABSURD. OR WE ARE GOING TO BRING THE JOBS HOME WHEN THE JOBS DO NOT EXIST ANYMORE. THAT IS ABSURD. THOSE -- SO THIS IS A GAME TO TAKE AWAY FROM THE FACT THAT AMERICA IS BOOMING AT THE TOP OR IT -- AT THE TOP. FRANCINE: PLAYING DEVIL'S ADVOCATE, IN CERTAIN CASES IF YOU DO NOT DO THE TAX CUTS, BUSINESSES WILL MOVE ELSEWHERE. THIS IS WHAT DAVID CAMERON AND THE U.K. WERE TALKING ABOUT ALL THE TIME. COMPANIES WILL MOVE TO ASIA, SINGAPORE. AND THE U.S. LOSES OUT. JEFFREY: WE NEED A SMARTER TAX SYSTEM THAT COLLECTS MORE REVENUE, THAT IS MORE FAIR, AND IS INVESTMENT FRIENDLY. THAT IS NOT SO HARD TO DO. IN SMART COUNTRIES, THERE IS A RELIANCE ON MORE REVENUE COLLECTED THAT GOES TOWARD EDUCATION, HEALTH, SERVICES, TOWARD INFRASTRUCTURE. WE UNDER TAX, WE LEAVE THE RICH WITH EVERYTHING, AND WE DO NOT THEREFORE INVEST IN THE FUTURE. WE DO NOT HELP THOSE WHO ARE LEFT BEHIND. SO OF COURSE WE NEED SOME TAX REFORM, BUT NOT JUST TO SLASH
  • NOW PLAYING

    Jeffrey Sachs Says U.S. Is Booming for People at the Top

  • 06:15

    JPMorgan's Zhu Previews China's Activity Data, Discusses Economy

  • 06:00

    China’s Domestic Demand Is Still Pretty Weak: Qiao

  • 04:26

    KPMG's Hunter on China's Economy, Central Bank Policy

  • 06:36

    Japan Ahead: Oxford Economics' Yamaguchi

  • 03:50

    Pepperstone's Weston on Macro Outlook

  • 01:58

    Stranded Tourists in China's Hainan Island See Hope

  • 47:32

    'Bloomberg Daybreak: Australia' Full Show (08/15/2022)

  • 02:45

    Can Crypto’s Rebound Continue?

  • 05:55

    Recession Not Necessary to Rein in Inflation: Tribeca Investment Partners

  • 02:43

    Saudi Aramco Profit Surges to $48.4 Billion

  • 01:41

    Rhine River Falls Below Critical Level

  • 02:07

    US Congressional Delegation Led by Senator Markey Visits Taiwan

  • 01:03

    Japan's Economy Accelerates After Covid Curbs Relaxation

  • 00:54

    MLIV Pulse: Is the 60/40 Portfolio Dead?

  • 02:24

    No Sign Trump Declassified Properly, Democrats’ Schiff Says

Stream Schedule:

U.S. BTV+
  • U.S. BTV+
  • U.S. BTV
  • Europe BTV
  • Asia BTV
  • Australia BTV
  • U.S. Live Event
  • EMEA Live Event
  • Asia Live Event
  • Politics Live Event
No schedule data available.

Jeffrey Sachs Says U.S. Is Booming for People at the Top

  • Single Best Chart

  • Bloomberg Surveillance

  • TV Shows

February 8th, 2017, 12:33 PM GMT+0000

In today's "Single Best Chart," Bloomberg's Tom Keene and Francine Lacqua display the decline of U.S. manufacturing employment going back to 1939. They speak with Columbia University Professor Jeffrey Sachs on "Bloomberg Surveillance." (Source: Bloomberg)


  • More From Single Best Chart

    • 02:48

      How Dovish Central Banks Returned Confidence to Markets

    • 01:32

      HSBC's Major Says European, U.S. Inflation Look 'Cheap'

    • 03:39

      The Negative Interest Rate Legacy of Quantitative Easing

    • 01:38

      Economist Daco Sees Bond Yields Dampened by Inflation Expectations

    All episodes and clips
  • More From Bloomberg Surveillance

    • 00:51

      Europe's Gas Shortage Could Turn Deadly: Sankey

    • 02:12:13

      'Bloomberg Surveillance Simulcast' Full Show 8/12/2022

    • 06:24

      Air Fares Are Coming Down Says Analyst Becker

    • 05:24

      Gartman Says Bear Market Rally Won't 'Last Much Longer'

    All episodes and clips
  • Bloomberg Markets

    "Bloomberg Markets" is focused on bringing you the most important global business and breaking markets news and information as it happens.
    More episodes and clips
    • 06:00

      China’s Domestic Demand Is Still Pretty Weak: Qiao

    • 44:22

      Balance of Power Full Show (08/12/2022)

    • 45:37

      Bloomberg Markets Full Show (08/12/2022)

    • 19:18

      Bloomberg Markets: Americas Full Show (08/12/2022)

See all shows
Terms of Service Trademarks Privacy Policy ©2022 Bloomberg L.P. All Rights Reserved
Careers Made in NYC Advertise Ad Choices Help