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Failure Analysis of 20th Century Economics |
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From the U.S. Department of Commerce through October 2000
Report of U.S. Trade Deficit Numbers in $Dollars The same applies to all nations on Earth. As that material dependence grows, the more fragile the maintenance of material standard of living in the United States. Purpose of this periodic update of these 'Trade Deficit Reports' is to highlight and maintain focus on root cause of the existence of the U.S. Trade Deficit at record breaking levels. Record breaking levels of the 'U.S. Trade Deficit' are symptomatic of the end of the United States as a 'Super Power'. Why? Because the 'U.S. Trade Deficit' is empirical evidence of destruction of all industrial engineering and manufacturing complexes and facilties in the United States since the end of World War II. The U.S. no longer makes shoes for its feet, nor does it any longer weave the cloth for the fabrics required to make clothes to cover its back, nor does it make the tools and dies required for the industrial manufacturing and assembly of the machinery required to produce these material essentials. If the absence of such industrial manufacturing capability does not define the 'State of the Union' of, and the characteristics of the United States, as beggar-nation, nothing does.
Such destruction was deliberate, through
by Martin Crutsinger, AP Economics Writer - Washington: Previously reported for September 2000: "The U.S. trade defict surged to a record $34.3 billion in September (2000) ... for cars, clothes, and other foreign (made) goods hit an all time high, while exports shrank slightly." The $8.7 Billion deficit with China was the largest ever recorded with any country ... by increased shipments of Chinese auto parts, telecommunications equipment and toys. (Big increases were recorded in imports of computer chips, civilian aircraft, telecommunications equipment, autos and other consumer goods, including clothing and televisions.) The Commerce Department reported ... the September (2000) deficit ($34.3 billion) was up a sharp 15 percent from an August (2000) imbalance of $29.8 billion. It ... surpassed the old record of $31.7 billion imbalance set in July (2000). So far this year (2000), the trade deficit is running at an annual rate of $360 billion, far above the record $265 billion set last year (1999)." REMINDER: "The current account (maintained by the U.S. Commerce Department) is considered the best measurement of a country's international economic (trade balance) standing, because it measures not just the goods and services reflected in monthly trade reports but also investment flows between countries and unilateral transfers, including U.S. foreign aid payments." Current for October 2000: "America's trade deficit stayed close to an all time high in October at $33.2 billion, as imports of crude oil climbed to the highest level on record. ... deficits with China and Japan also set records, propelled by a flood of Christmas toys and autos. The Commerce Department reported ... the October deficit was down a slight 1.6 percent from September's $33.7 billion, the biggest imbalance in history. So far this year, the trade deficit is running at an annual rate of $363 billion, far above last year's (1999) record of $265 billion. Critics of President clinton's trade policies argue that the administration's insistence of pursuing open-market agreements has left U.S. workers vulnerable to unfair competition from low-wage foreign factories. Division of Earth into separate trading zones/blocs, under the likes of GATT and NAFTA) has left U.S. workers vulnerable to unfair competition from low-wage foreign factories. ...this argument has been overshadowed by the economy's remarkable domestic performance which pushed unemployment rate to a three decade low." Question: What was the unemployment rate in Egypt when its citizens [including the Hebrew slaves] were building pyramids as burial monuments for the Pharoahs of Egypt more than five thousand years ago?) ... the unemployment rate is expected to slowly rise over the next year (2001) under the impact of previous interest rate increases by the Federal Reserve. Some analysts believe this will spawn greater demands for Congress to erect protectionist barriers to keep foreign goods out. End of Oct 2000 Trade Deficit report. Advance to Trade Deficit Report March 2001 Return to Introduction for U.S. Foreign Trade Deficit Reports Return to Home Page |