There you have, it folks. The United States is a third world country (with 795,000,000,000 in exports)
And just surpassed a trade DEFICIT of 594,000,000,000 so far for the year -- that means money going out of the country...
-- there is a difference in present tense and future tense -- you used the word IS... not me.
One of the dirty little secrets of that export number though Mike -- is it includes manufacturing equipment 'sales' to countries that are taking the manufacturing out of this country so they can make the products there instead of here...
A new study has found that the United States' growing trade deficit with China has had an increasingly negative impact on the U.S. economy, causing job losses that reach into the most technologically advanced industries in the manufacturing sector and affect every state, according to a January 11 press release by the U.S.-China Economic and Security Review Commission (USCC).
Robert Scott, director of international programs at the Washington-based Economic Policy Institute (EPI), prepared the study, "U.S.-China Trade, 1989-2003," for the commission. EPI is a nonprofit, nongovernmental research organization that focuses on the economic conditions of lower and middle-income American workers.
"In the rapidly changing big and broad economic relationship with China, it is crucial to have a full, comprehensive understanding of the facts and scope of the relationship," USCC chairman C. Richard D'Amato said. "With such data, we can begin to assess the impacts China is having on our economic health and our national security."
Using a methodology that determines the number of jobs needed to produce exports and imports, the EPI study found that 1.5 million jobs were lost to lower-wage Chinese competition in the 14-year period between 1989 and 2003. During that time, the U.S. trade deficit with China rose twenty-fold, from $6.2 billion to $124 billion. It is expected to increase another 20 percent in 2004, to $150 billion.
The study noted that the pace of job loss has more than doubled since China entered the World Trade Organization (WTO) in 2001, and that China's exports to the United States of sophisticated electronics and communications equipment requiring skilled labor are growing much more quickly than its exports of low-value, labor-intensive products.
"The assumptions we built our trade relationship with China on have proven to be a house of cards," Scott said. "Everyone knew we would lose jobs in labor-intensive industries like textiles and apparel, but we thought we could hold our own in the capital-intensive, high-tech arena. The numbers we're seeing now put the lie to that hope -- as China expands its share even in core industries such as autos and aerospace."
The report's key findings are:
-- The rise in the United States' trade deficit with China from 1989 to 2003 caused displacement of production that supported 1.5 million U.S. jobs. The loss of jobs due to the growing trade deficit with China has more than doubled since it entered the WTO in 2001.
-- China's exports to the United States of electronics, computers, and communications equipment, along with other products that use more highly skilled labor and advanced technologies, are growing much faster than its exports of low-value, labor-intensive items such as apparel, shoes and plastic products.
-- The U.S. trade deficit in Advanced Technology Products (ATP) with China is now $32 billion, equal to the total U.S. ATP deficit.
-- China is also rapidly gaining advantage in more advanced industries such as autos and aerospace products.
-- The 1.5 million job opportunities lost nationwide are distributed among all 50 states and the District of Columbia, with the biggest losers, in numeric terms:
New York (-87,037)
North Carolina (-65,279)
Michigan (-54,313) and
-- The ten hardest-hit states, as a share of total state employment, were:
Maine (-15,396, or -2.54%)
Arkansas (-19,859, -1.74%)
North Carolina (-65,279, -1.72%)
Rhode Island (-7,840, -1.62%)
New Hampshire (-9,878, -1.60%)
Indiana (-45,285, -1.56%)
Massachusetts (-48,086, -1.51%)
Vermont (-4,426, -1.48%)
Wisconsin (-41,150, -1.48%) and
California (-211,045, -1.46%)
And, I notice you didn't answer the question...