In 2013, the United States spent over $300 billion on importing oil. Essentially two-thirds of the country’s entire annual trade deficit can be blamed on oil imports! Oil is sucking hundreds of billions of dollars a year out of the U.S. economy. If we became energy independent, our trade deficit would be cut tremendously. Not only that but our money could begin to go to American-owned energy producers.
Tag Archives: Jobs
Detroit was once a manufacturing giant—the 4th largest city in the United States, with a high employment rate and brimming with blue collar jobs. Now its unemployment rate hovers above 16 percent, and its population has shrunk so now it is only the 18th largest city. This quick erosion of the tax base has left Detroit with $18 billion in debt and no hope of recovery in sight. This caused the city of Detroit to declare bankruptcy.
Our trade deficit is astronomical and simply unsustainable. Every year it inches higher and higher. Our so called “Free trade” deals have not only shipped jobs overseas, but have also contributed to our trade deficit in the energy sector. The United States needs to move and become energy independent.
When President Obama was elected in 2008, he promised that he would fight for trade agreements that would work for the middle class, not for the 1%. He said then, “Put simply, we need tougher negotiators on our side of the table—to strike bargains that are good not just for Wall Street, but also for Main Street. And when I am president, that’s what we will do.”