"I've been in international competition, and now I know what the big boys can do. You don't go out and just run. There's an offense and a defense."

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In the four decades after World War II, manufacturing jobs paid more than other jobs for given skills. But that is much less true today. Increased international competition has forced American manufacturers to reduce costs. As a result, the pay premium for low-skilled workers in manufacturing is smaller than it once was.

— Christina Romer