Our trade deficit with China just hit a new record: $42.2 billion in October, up from $40.3 billion in September. The goods deficit with China rose to $29.5 billion in October, up from $29.1 billion in September. This is the largest single monthly goods deficit with China in U.S. history. Meanwhile in the “fiscal cliff” scam the giant corporations are pushing for a “territorial tax” system that lets them off the hook for moving even more production and jobs out of the country. They already pretend they make their money overseas — heck, Google claims they made $10 billion in Bermuda!
A $40 billion trade deficit with China is $40 billion a month drained straight out of our economy. We borrow from China to pay for this, and owe China in the trillions. When you hear DC elites talk about Social Security and Medicare costing us ask them why they are not talking about this. This is the real problem.
Uncompromised, uncompromising news
Get reliable, independent news and commentary delivered to your inbox every day.
Connect some current news-item dots:
- Giant companies get tax rules that give them breaks for moving production offshore to low-wage countries where workers have no rights. The giant companies use the breaks to funnel even more money to the billionaires at the top.
- China in essence pays corporations to move production to China, offering up low-wage workers living in dorms, free facilities, subsidies, etc. because they want to control key strategic industries of the future. The giant corporations use the breaks to funnel even more money to the billionaires at the top.
- States give tax breaks to companies to move there, stealing them from otherstates, in a race to the bottom. This defunds local schools, police, infrastructure, etc. The giant corporations use the breaks to funnel even more money to the billionaires at the top.
- Republican legislators vote to make Michigan a low-wage state, saying it will “attract businesses” from other states. This puts even more pressure oneveryone’s wages across the country. The giant corporations use the breaks to funnel even more money to the billionaires at the top.
- Walmart influences legislation to allow them to pay very little and offer few benefits, pushing costs onto taxpayers, with employees paid so little they qualify for public assistance. The giant corporations use this to funnel even more money to the billionaires at the top.
- The “fiscal cliff” talks are a “shock doctrine” scare tactic to get tax breaks, and cut the things We, the People do for each other. The giant corporations use it to funnel even more money to the billionaires at the top.
- Republicans, paid by the billionaires and their giant corporations,obstruct all efforts to fix all of the above.
The trade deficit is the problem. It drains money straight out of the country. It drains jobs, factories and industries straight out of the country. It drains our future.
We are competing with China and others as a country and we need a national trade/industrial/economic strategy to do that.