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U.S. can't afford more free trade
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| Contributor | Guy |
| Last Edited | Guy Mar 18, 2006 12:17pm |
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| Category | Opinion |
| News Date | Friday, March 3, 2006 06:00:00 PM UTC0:0 |
| Description | Soaring trade deficit kills auto jobs; new deals promise more of the same
Amid all the coverage over Dubai Port World operating major U.S. ports, here's a story you might have missed: In 2005, the U.S. trade deficit in goods and services soared to a record high $725.8 billion, or nearly $2 billion a day.
Yet the Bush administration's reaction to the fourth straight record-busting trade deficit on its watch is essentially, "What's the problem?"
The problem is our nation's ever-widening trade imbalance is wiping out jobs by the thousands and intensifying downward pressure on wages and benefits of America's working families.
While the foreign automakers' U.S. production has increased, so have their imports. In 2005, 3.4 million imported light vehicles were sold in the United States, accounting for 20.1 percent of the market. That's up from 3.1 million imports and an 18 percent market share in 2001. (This does not include vehicles assembled in Mexico and Canada.) |
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