Massive Import Attack On U.S. Market – It’s Worse Than WWII’s Pearl Harbor!
Where Is America’s Patriotic Response This Time?
Pearl Harbor response: I was a young high school student on Dec. 7, 1941 when America’s Pearl Harbor naval base was hit by a huge surprise Japanese bomber attack. The response was immediate all across America. Students volunteered for immediate military service. A French classmate left school right away to join the Free French forces in Europe. He was killed in battle several months later. Other classmates died soon after while serving with our ground forces in Europe or at sea in the Pacific. And of course our industries responded with greatly expanded arms production and a fleet of freighters to transport desperately needed munitions to the front in Europe. Women took on mens jobs. Remember “Rosie the Riveter!” That’s always been the American way when our nation is attacked. We come together and find a way to win.
Are trade wars different? But now we’re in a different kind of war, a “non-shooting” attack on America’s rich domestic market and the U.S. industries that have always supplied that market. Now a half-million exporters from around the world, especially from China, Germany, Japan and many Far Eastern countries have made the U.S. market their main target. There’s been no declaration of war, but there’s no doubt that their aim is to take control of the U.S. market by wiping out our American suppliers. That would mean the loss of income and jobs for millions more Americans along with the destruction of our capability to produce what’s needed for U.S. military activities and national security.
What should be our response? First, the media and the policy blogs need to issue a wake-up call to America! Explain how trillion dollar trade deficits are taking our national wealth – a total $6+ trillion in the past decade, with related borrowing of $2 billion a day. If we had those funds today, we’d be out of the recession and well on our way to 5 million new jobs. Tell the people that more of our factories are closing and taking tens of thousands more jobs away. A total of 55, 000 U.S. plants closed in the last ten years or were sold to foreign acquirers. Second, and just as important, the many trade policy advocacy groups need to come together on a proposed legislative action program to take to the Obama Administration and Congress. There are many steps that could reduce the massive flow of imports into our country – such as tariffs, a Value-added Tax, or restoration of total balanced-trade with the rest of the world, as we maintained before globalization. There are many “solo” advocates speaking out, but we need a full-throated “chorus” to force our leaders in government and business to act NOW! It’s time for patriotism again!
Mr. Davis was a former U.S. Assistant Secretary Of Commerce, and former IBM Corp. V.P. and Chief Financial Officer.