As Paul Ryan says :
Of course Mr. Ryan thinks that way because he has no interest in Americans working. For all of his crowing about the national debt and deficit, the real enemy to growth and whats holding our future back is our trade deficit.
The U.S. Census Bureau reported Tuesday that the April goods and services trade deficit was an enormous, humongous $40.9 billion, down from an enormouser, humongouser $51.4 billion in March. (March was revised to $50.6 billion in today’s report.)Even that playing field out and the Debt and Deficit would disappear quickly. As Scott Paul says:
- The monthly U.S. goods deficit with China dropped from $38.9 billion in March to $27.5 billion in April. However the deficit is up $12.4 billion year-to-date compared to 2014.
- Our goods deficit with Japan was $6.7 billion in April and is up over $1.5 billion year-to-date compared to 2014.
- The U.S. goods deficit with South Korea was $2.1 billon in April, up nearly $3 billion this year.
To think, if we had a Republican president, GM and Chrysler would be out of business now making this gap even bigger!
“The monthly decline in the trade deficit masks an uncomfortable truth: Global industrial overcapacity, an overly strong dollar, and unfair trade practices are contributing to a surge in our 2015 trade deficit. All the year-to-date numbers are headed in the wrong direction, and they help to explain the sudden drop in manufacturing hiring so far this year.
"Underinvestment in domestic infrastructure and research, combined with a flood of manufacturing imports, are stifling manufacturing’s comeback. Our workers and businesses are doing all that they can to be globally competitive, but Washington stands in the way. Passing a robust and long-term infrastructure plan, boosting trade enforcement efforts, and penalizing currency manipulation are essential ingredients in a true manufacturing resurgence. ”