It’s not mostly about globalization, and it’s not what ails workers.

A few months before the 1992 election I, along with some other Democratic-leaning economists, flew to Little Rock to meet with Governor and presidential candidate Bill Clinton. The ostensible purpose was to discuss policy, but it was obviously also an audition. At one point Clinton asked what could be done to restore manufacturing to its previous share of employment.

Heads turned to me; this was clearly my department. I said something like this: “Sorry, governor, but that’s really not feasible. Even if we could eliminate the trade deficit, manufacturing employment would only rise modestly and would still be a much smaller share of the economy than in the past.”

Needless to say, I didn’t get a job in the Clinton administration. It was one of the best things that has ever happened to me.