The Elephant in the Room that Democrats & Republicans Won’t Talk About!
While there is much discussion and debate in our nation’s capitol about our skyrocketing national debt, there is no talk about our trade deficit. Most Americans have no idea that the United States had an overall trade deficit of $600 BILLION in 2011 and a manufactured goods trade deficit of $737 BILLION! Out of 196 nations, the United States was DEAD LAST! The closest country to us was Turkey at negative $78 BILLION – a fraction of our trade deficit! Communist China on the otherhand had the world’s largest trade SURPLUS at $280 BILLION followed by Saudi Arabia, Germany, Japan, and Russia. As illustrated in the chart below, up until 1975, the United States always had a trade SURPLUS.
The record trade deficits, totaling over $8 TRILLION, that we have accumulated over the past four decades are the result of failed trade policies that have done catastrophic damage to the U.S. economy. This is the Elephant in the room that NEITHER major political party wants to talk about! Why is there is no discussion of our record trade deficits—only our national debt—even though the two are directly related? It is as though the record U.S. trade deficits either don’t exist or don’t matter. Why do you think that is? It’s because the wealthiest among us are profiting handsomely from Selling U.S. Out through the outsourcing and offshoring being done with China, India, Mexico, and other countries under the banner of “free trade”.
The Republicans and the Democrats are using their propaganda machines to suppress all discussions of our trade policies. They want to avoid such a discussion at all costs, because those with the money and power to fund their campaigns are profiting from Selling U.S. Out. The major political parties and their financial backers fear a backlash from the American public if they figure out what is really going on.
Wal-Mart, the world’s largest corporation, Wall Street banks, and other large U.S. and foreign corporations are playing a very active role behind the scenes funding the propaganda machines to suppress trade policy discussions. These corporations are reaping huge profits from our misguided trade policies and they do not want any changes that would disrupt their supply of cheap labor and goods from China, India, Mexico, and other low-cost foreign countries. This is clearly stated in many of the objective and fact-based research reports cited in my book Selling U.S. Out.
Both parties are Selling U.S. Out in exchange for campaign contributions from foreign governments, U.S./foreign corporations and other special interests. Here are some excerpts from a chapter in my book Selling U.S. Out that discusses how political scandal and corruption has played a central role in bankrupting the U.S. economy and treasury.
… “They say a picture is worth a thousand words, and from these pictures it is clear why Wall Street got a bailout and U.S. taxpayers got the bill. It is also clear why the big banks and Wall Street firms that received these bailouts paid themselves billions of dollars in bonuses with taxpayer money. They knew that they had absolutely nothing to fear from our government since they own the politicians. They also knew that the outrage expressed in speeches delivered by our political leaders, whose campaigns they funded, was nothing more than political theater. Senator Jim Webb (D-VA) was quoted in an interview with Real Clear Politics saying that he couldn’t get a vote on a windfall profts tax on bonuses at bailed-out banks due to campaign contributors. “I couldn’t even get a vote,” Webb explained. “And it wasn’t because of the Republicans. I mean they obviously weren’t going to vote for it. But I got so much froth from Democrats saying that any vote like that was going to screw up fundraising.”
…”A clear illustration of this is how the financial industry used campaign donations and lobbyists to overturn the Glass-Steagall Act in 1999 leading to the collapse of Wall Street in 2008. In the 1997–98 election cycle, the finance, insurance, and real estate industries (known as the FIRE sector) spent more than $200 million on lobbying and made more than $150 million in political donations to repeal this legislation. Campaign contributions were targeted at members of congressional banking committees and other committees with direct jurisdiction over financial services legislation (PBS). Here is a chronology of the events leading to the repeal of the Glass-Steagall Act.”
I will be speaking on this topic at the American University in Washington, DC on Tuesday, April 23rd from 6 PM to 8 PM. CLICK HERE for details on this event and to download FREE sample chapters of Selling U.S. Out. Also PLEASE call or e-mail your congressional representatives and ask them to attend this important event!