Thursday, May 10, 2012

U.S. trade gap widens to $51.8 billion in March

The beat goes on. Trade deficits have existed for decades in the U.S. It is what is destroying American jobs and weakens the economy. It is why we don't make anything anymore. But it is also great for corporations that take advantage of cheap labor abroad:

The U.S. trade deficit widened sharply in March as imports snapped back, reversing course after having fallen the prior month, the Commerce Department said Thursday.

The nation’s deficit expanded 14.1% in March to $51.8 billion from a revised $45.4 billion in February, government data showed.
We know exactly what the trade deficits cost in jobs:
Nearly 2.8 million U.S. jobs eliminated or displaced since 2001 due to growing U.S.-China trade deficit, EPI analysis finds

The U.S.-China trade deficit has eliminated or displaced nearly 2.8 million U.S. jobs since 2001, a new Economic Policy Institute (EPI) briefing paper finds.  Growing U.S. trade deficit with China cost 2.8 million jobs between 2001 and 2010 by Robert Scott, EPI’s Director of Trade and Manufacturing Policy Research, finds that all 50 states, the District of Columbia and Puerto Rico suffered jobs lost or displaced as a result of the growing U.S.-China trade deficit.

No comments: