America Must have new Direction, a Plan and Goals if the Economy is to Ever Recover
The United States used to be a wealthy country, not one buried in debt. We accumulated our abundance through most of the twentieth century. We were a very productive country whose wealth derived to a great extent from manufacturing. Our companies invented and produced many of the things we–and the rest of the world–needed.
American-owned corporations now manufacture less and import more each year. The growing disparity between the amount we import and export has created a huge balance of trade deficit.
As American-owned companies produce less and become separated from their base of operations, customers and assembly lines, they become inefficient, uncompetitive, and ultimately go out of business. Companies that survive long enough are easily taken over by foreign-owned corporations who, through their accumulated trade surpluses, have gained huge supplies of our cash.
As America’s manufacturing base has been whittled away in recent years, U.S. defense industries are becoming ever more dependent on foreign manufacturers for key components and materials.
To strengthen our economy and restore America to its former industrial glory, we must curb our dependence on imports, produce more domestically and prevent the liquidation of our companies to foreign ownership.
Our government needs to take responsible steps to accomplishing these goals. We must selectively apply tariffs to prevent the loss of crucial industries as well as prevent the sale of important companies to foreign interests abroad. We must give our tax system a much needed overhaul to become competitive on a global scale, modernizing it in the same way competing nations have done to take advantage of the global economy.
America needs a policy of intelligent trade that encourages the growth of domestic industries and diminishes the nation’s reliance on deficits and unnecessary imports that are wrecking the country.
As a first step, we must cancel all disastrous, job-killing free trade agreements like NAFTA and KORUS (Korean Free Trade Agreement) and get out from under the choking irresponsible control of the WTO which now supervises and unfairly manages our international trade agreements in such a counter productive manner.