www.CitizensForEqualTrade.Org has a petition that you can sign to help stop large trade deficits and promote equal trade (such as the Balance of Trade Restoration Act of 2006). You may post your comments on this petition here. The petition basically notes that the U.S. government has lost roughly $1 trillion in tax losses due to U.S. excessive trade deficits. There are many reasons for these tax losses discussed on our site (primarily job loss related). These tax losses are unconstitutional by violating Article 1, Section 9, Clause 5 (confimed with a constitutional lawyer).
Furthermore the trade deficit profits of foreigners are allowing them to buy up U.S. businesses. Foreigners now own 14% of U.S. businesses, but actually only employ about 3.5% of the U.S. workforce. This poor job creation means higher unemployment, more lost wages and less tax revenue, and even more national debt. In also means we are beholden to foreigners (mainly China) as they increase U.S. ownership yearly.
Please visit our website and sign this petition. You may also post your comments on this petition here.
Thank You,
CitizensForEqualTrade.org
Please critique the following strategies for creating good paying American jobs that pay employee health/medical insurance costs with NO bailouts/incentives to banks and corporations, if Congress and President Obama would enact the following federal law: First, repeal all sales taxes and replace the lost revenue with an import tax/tariff on imported labor and manufactured goods. Second, repeal all local tax incentives that shift business costs to taxpayers and that create poverty wage jobs; or change these incentives to pay a living wage, minimum wage of $14/hour (parent with one child) with health/medical insurance. NO stimulus spending, taxpayer bailouts & bonuses, corporate welfare, earmarks, or increased borrowing & debt necessary.
Brent Pittman Brownsburg, IN
The United States of America has not had a trade surplus since 1975. We have not had a trade surplus with Japan since April, 1976. Every year since 1983 we have been in deficit with Europe. The last time America had a trade surplus with both Russia and China was a very brief period during the Cold War. We have been running ever increasing trade deficits with South Korea since 1998. Our 1993 trade surplus with Mexico is now a 100 billion a year trade deficit. In the 1970’s, 80’s, and much of the 1990’s our trade deficit was never more than one half of 1% of GDP. We now find ourselves with a trade deficit of between 5% and 7% of GDP depending on how you count. From 2002 to 2007 the trade deficit exploded. The only reason unemployment stayed well under 6% is because of the credit bubble. 63% of all jobs created from 2000 to 2006 were housing or credit bubble related. We did not feel the destructive affects of the trade deficit because of this credit bubble. I have concluded from work I have been doing that America will never get unemployment even under 7% with a trade deficit of over 3% of GDP, without a major credit bubble. The U.S. Economy has actually stopped functioning like a real economy. We literally need a credit bubble to function. America must move from the ideology of free trade to the economic policy of balanced trade. Until this structural shift takes place you can bank on the American economy being the laughing stock of the world economy.
Regards,
Ames F. Tiedeman
Dripping Springs, Texas
This is an excellent comment. For those following our website, please look for our new book,
Trade Deficit, Illegal and Unconstitutional
Why and How it is Destroying America
If you would like to review this or help citizens for equal trade please contact us at our website
Citizensforequaltrade.org