Posted March 27, 2012 at 9:42 am, in Free Speech Zone
For the decade ended 12/31/2011, the U.S. total trade deficit with all nations totaled $6.3 trillion, by far the most in our history, and no doubt the biggest such loss of national wealth by any nation in world history! American taxpayers must pick up the tab, though it’s not their fault at all.
Why is this figure important? Answer: it’s the best single measure of how well American business is competing in our own domestic market, by far the largest and richest in the world. The huge, ever-growing trade deficit says we’re losing badly in that competition. Every day, the U.S. must borrow $2 billion abroad to cover it. How did this happen? Who benefits and who’s hurt by it? Most important, can it be stopped and turned around to our advantage? Who from business should take the lead?
First, our trade deficits needn’t have happened at all! Who’s to blame? Our own multi-national companies must bear heavy responsibility. America’s demise has already begun with the trade debt we’ve taken on,the extensive damage to our biggest industrial cities, and the ongoing dismantling of our productive capacity. Fifty-five thousand U.S. manufacturers closed their doors in the past decade, while we became the world’s biggest debtor, much of it to China. We’re headed toward failed-nation status. Who should take the lead to stop this national tragedy? Answer: Our multi-nationals must step up! They have the money, and with it the needed political clout! (more…)