What? Out there in the Rust Belt? Maybe so, by bourgeois measurements... but Doug, where's your marxian gut instincts, to hunt down all the partially devalorised constant K that could be returned to production were there the will and the market (i.e. demand side) and protection from competition? As I said before, the Lewis/Klein film The Take would rejig your thinking about overcapacity. One reason the Great Depression and WWII did such a good job of preparing for a Golden Age was the thoroughness of European and Japanese manufacturing devalorisation and the reduction of idle labour power.
Cheers, P.