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Enormous, Humongous Trade Deficit Up From Prior Month

Thursday, 24 October 2013 12:13 By Dave Johnson, Campaign for America's Future | Report

(Image: <a href=" http://www.shutterstock.com/pic-48622111/stock-photo-financial-problems-with-a-weak-us-dollar.html?src=1owHvFjb6GfRZVYJkg4IjA-1-1" target="_blank"> via Shutterstock </a>)(Image: via Shutterstock )The trade deficit figures for August were released this morning by the Census Bureau's Bureau of Economic Analysis. The Bureau reports that "total August exports of $189.2 billion and imports of $228.0 billion resulted in a goods and services deficit of $38.8 billion, up from $38.6 billion in July, revised."

That's $38.8 billion more, drained from the economy, in just one month.

The monthly U.S. goods deficit with China was $29.9 billion in August. This is down just slightly from $30.1 billion in July. But July's 30.1 billion was a record.

The goods deficit with Japan was $6.4 billion, down a bit from $6.8 billion in July.

Trade deficit = American jobs go away. Big, ongoing trade deficit = millions of US jobs go away. Enormous, humongous trade deficit = millions fewer jobs, poor economy, wage and income concentrated up to a few billionaires, democracy converts to plutocracy ... all the things we see around us now.

"Strong dollar" = higher prices for US goods in world markets = weak job growth. This is why countries like China manipulate their currency to keep it down, or "weak."

Also "free" trade, where we let in goods made by exploited workers who have no say in whether they can elect leaders or even get a raise, costs US jobs. Obviously.

This piece was reprinted by Truthout with permission or license. It may not be reproduced in any form without permission or license from the source.

Dave Johnson

Dave Johnson (Redwood City, CA) is a Fellow at Campaign for America's Future, writing about American manufacturing, trade and economic/industrial policy. He is also a Senior Fellow with Renew California.

Dave has more than 20 years of technology industry experience including positions as CEO and VP of marketing. His earlier career included technical positions, including video game design at Atari and Imagic. And he was a pioneer in design and development of productivity and educational applications of personal computers. More recently he helped co-found a company developing desktop systems to validate carbon trading in the US.

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Enormous, Humongous Trade Deficit Up From Prior Month

Thursday, 24 October 2013 12:13 By Dave Johnson, Campaign for America's Future | Report

(Image: <a href=" http://www.shutterstock.com/pic-48622111/stock-photo-financial-problems-with-a-weak-us-dollar.html?src=1owHvFjb6GfRZVYJkg4IjA-1-1" target="_blank"> via Shutterstock </a>)(Image: via Shutterstock )The trade deficit figures for August were released this morning by the Census Bureau's Bureau of Economic Analysis. The Bureau reports that "total August exports of $189.2 billion and imports of $228.0 billion resulted in a goods and services deficit of $38.8 billion, up from $38.6 billion in July, revised."

That's $38.8 billion more, drained from the economy, in just one month.

The monthly U.S. goods deficit with China was $29.9 billion in August. This is down just slightly from $30.1 billion in July. But July's 30.1 billion was a record.

The goods deficit with Japan was $6.4 billion, down a bit from $6.8 billion in July.

Trade deficit = American jobs go away. Big, ongoing trade deficit = millions of US jobs go away. Enormous, humongous trade deficit = millions fewer jobs, poor economy, wage and income concentrated up to a few billionaires, democracy converts to plutocracy ... all the things we see around us now.

"Strong dollar" = higher prices for US goods in world markets = weak job growth. This is why countries like China manipulate their currency to keep it down, or "weak."

Also "free" trade, where we let in goods made by exploited workers who have no say in whether they can elect leaders or even get a raise, costs US jobs. Obviously.

This piece was reprinted by Truthout with permission or license. It may not be reproduced in any form without permission or license from the source.

Dave Johnson

Dave Johnson (Redwood City, CA) is a Fellow at Campaign for America's Future, writing about American manufacturing, trade and economic/industrial policy. He is also a Senior Fellow with Renew California.

Dave has more than 20 years of technology industry experience including positions as CEO and VP of marketing. His earlier career included technical positions, including video game design at Atari and Imagic. And he was a pioneer in design and development of productivity and educational applications of personal computers. More recently he helped co-found a company developing desktop systems to validate carbon trading in the US.

Related Stories

Deficit Reduction: The Great Distraction
By Dean Baker, Truthout | News Analysis
Deficits Are Bad and the Sun Goes Around the Earth
By Dean Baker, Truthout | News Analysis

Hide Comments

blog comments powered by Disqus