Last week the trade figures showed a balance of trade deficit of 50 billion for the month of June. This trade deficit is long-standing. Wall Street ideology tells us not to worry. Asia can make our products and our welfare state via the credit card will buy the products. Wall St. can broker the deals. A happy plan! But, the reality is we are transferring wealth from America to the producing countries, in Asia and other places in the world. The countries that are producing the products are the countries that are gathering the wealth. Pliant politicians listened to Wall St. and allowed our industry to succumb to manipulation and greed. And, it cannot be fixed so quickly, even if the will power was in place.
What answers do we hear to the 50 billion deficit? A great body of American globalist are saying China, Germany, and others are acting like adolescents and it’s time to behave and adjust their budgets to the world interest and not their selfish interest. Good luck with that one!
America is headed to the poor house and the watchmen we send to Washington are asleep at the wheel.