In the last twelve years our trade deficit has averaged $625 billion a year. That translates to $1.2 million per minute, leaving the country in foreign hands. It comes back not to buy our merchandise because we don’t make anything that foreign countries want. Instead it comes back to buy us out.
In the last thirty years from 1978-2008 they have bought 16,613 of our best companies-it is now accelerating even faster. Our present weakened condition is the result of decades of bad policy. After World War II we were the strongest nation the world had ever seen, regularly running trade surpluses and providing good, factory employment for every American who wanted to work. Those days are long gone, and the culprit is “free trade.”