The trade deficit figures for August were released this morning by the Census Bureau’s Bureau of Economic Analysis. The Bureau reports that “total August exports of $189.2 billion and imports of $228.0 billion resulted in a goods and services deficit of $38.8 billion, up from $38.6 billion in July, revised.”
That’s $38.8 billion more, drained from the economy, in just one month.
The monthly U.S. goods deficit with China was $29.9 billion in August. This is down just slightly from $30.1 billion in July. But July’s 30.1 billion was a record.
The goods deficit with Japan was $6.4 billion, down a bit from $6.8 billion in July.
Trade deficit = American jobs go away. Big, ongoing trade deficit = millions of US jobs go away. Enormous, humongous trade deficit = millions fewer jobs, poor economy, wage and income concentrated up to a few billionaires, democracy converts to plutocracy … all the things we see around us now.
“Strong dollar” = higher prices for US goods in world markets = weak job growth. This is why countries like China manipulate their currency to keep it down, or “weak.”
Also “free” trade, where we let in goods made by exploited workers who have no say in whether they can elect leaders or even get a raise, costs US jobs. Obviously.