That was before you had global competition.
We had global competition. But we had a federal government that protected our jobs, like China subsidized their industry and manipulated currency to bring down the price of their products. Then big box retailers like Wal-Mart led the way in ******* over American workers by a price race to the bottom if you wanted shelf space in their stores. (They used to advertise Made in the USA) Indutrial jobs soon followed. They American companies that moved to China were all profitable and doing well until they moved to China for slave labor.