Yet, as a country we are experiencing decades of wage stagnation due to trying to replace lost manufacturing jobs with Starbucks jobs. All these stupid minimum wage hikes are just there to mask that stagnation. My wife worked in fast food for 28years...the profit margin was 1-1.5%...who pays the for the doubling of minimum wage when profit margin is that slim...I guarantee it isn't just 'absorbed'. This is the case in most retail.
Thinking we are going to be able to prosper on just an IP-based economy is naive when our competitors don't care anything about IP rules and regulations...it is also naive to not notice that China is shifting it's focus from copying tech to developing tech. They don't have the silly roadblocks in the way like individuality, self-determination, or freedom...with their focus and disregard for international rules and regulations, our innovation edge is in peril.
We wouldn't be the US today without our manufacturing base...we'd be just another annexed member of The Reich.