That is giant fallacy.

There is more manufacturing in the USA than people know about. Trump Administration wont admit to it because it helps sell their lies.

Two of the three companies I worked for had / has design and manufacturing in the USA.

Former one was bought by Texas VCs and they shipped jobs over seas to maximize profit. Their only goal after buying the company was to make XX millions in 10 years by any means versus making quality solutions. VCs are the share holders when applying the Friedman doctrine. [0]

[0] https://en.wikipedia.org/wiki/Friedman_doctrine

No, that is not correct. It's a symptom of unbridled capitalism. It has nothing to do with our ability to manufacture. It has everything to do with maximizing profits.