Class Warfare Blog

October 28, 2013

WTF? Our Trade Imbalance is Because of U.S. Corporations

When I was younger, there were regular news articles about what were called “trade deficits.” A trade deficit exists for a country when the value of the goods imported exceeds the value of the goods exported. When a country had a trade deficit or “negative trade balance” that meant they were, in effect, exporting money. The litle trade deficits of the 1960’s were talked about with dramatic language. Basically we were losing our edge if we couldn’t export more than be imported and something needed to be done!

Starting in the mid-1970’s (surprise, surprise) our trade began to get more and more out of balance with us on the short end of the stick. Our current trade imbalances are immense compared to those of my younger days and not just due to inflation, immense as a percentage of GDP.

How did this happen? Well, by now it is no surpise. As the result of a well-orchestrated effort on the part of conservatives sponsored by the monied interests we exported millions of our jobs overseas. we make almost nothing “in the U.S.A.” anymore. But the shocking thing is that our trade deficits are because we are buying goods sold by those very same U.S. corporations that sold our jobs overseas (Nike, Microsoft, Apple, NCR, etc.)! So the middle class loses jobs (and all middle class wages were driving down as the competition for jobs went up, so even if you didn’t lose your job, you are suffering an effect), while the corporations moving the jobs got richer and richer, enabling them to buy more and more politicians.

The stunning thing is this: when have you heard anything in the news media about these trade deficits? Anything? No? There is no more graphic proof that the corporatization of the news media has resulted in a lack of news about corporate highjinx. Articles filled with outrage about of “trade policy” and “trade deficit” abounded . . . until the corporations bought the media companies. Now, nada, zip, zilch. The only time corporations appear negatively is when they are in court which is part of the public record.

Maybe the Tea Partiers are right? I want my country back. I don’t want to live in a country “of the people, by the rich, and for the rich.”

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