In the run-up to the 2024 elections, Joe Biden and Donald Trump are targeting industrial states such as Michigan, Pennsylvania and Wisconsin that played key roles in determining the outcome of the two previous elections.

Despite their numerous differences, both candidates have emphasized the need to restore jobs that were lost in manufacturing. President Biden has kept most of Trump’s tariff increases in place, and he recently announced plans to more than triple the tariff rate on Chinese steel and aluminum to 25 percent from 7.5 percent. Previously, Donald Trump indicated he is considering tariffs of more than 60 percent on Chinese imports if he becomes president.

Partly as a result of their efforts, there are now about 600,000 more jobs in manufacturing since 2017. This increase represents one-tenth of the losses since 2001 when China joined the World Trade Organization.

These efforts might be viewed as an attempt to reverse the decline in labor’s share of national income over the past 40 years. Data compiled by the Bureau of Labor Statistics, for example, indicate the share has fallen from about 64 percent in the mid-1980s to about 58 percent recently, with most of the decline occurring in the past 25 years. However, a National Bureau of Economic Research study finds no consensus among economists about the decline’s extent or key drivers.

Amid this, an important question is unresolved: Namely, does the focus on increasing manufacturing jobs make for good........

© The Hill