BE PREPARED: https://archive.fo/IoKi1
The long-term trends that are gutting the U.S. economy continue to get even worse. As you will see below, our goods trade deficit with the rest of the world hit a brand new record high in 2018, and most Americans simply do not understand why this is such a massive problem. Every year, we buy far more from the rest of the world than they buy from us, and that means that the amount of money going out of the country far surpasses the amount that is coming in. This constant outflow of cash is one of the reasons why we are unable to pay our bills, and so we have to keep begging the rest of the world to lend us our money back. Needless to say, this is one of the big factors that has fueled our 22 trillion dollar national debt. In addition, when we run absolutely massive trade deficits we lose factories and workers to other countries. Since China joined the WTO in 2001, the United States has lost more than 60,000 factories. As factories keep closing down, community after community is being gutted all across America, and without a doubt this is truly a major national crisis.
Many had been hoping that we could start to turn things around, but instead last year was an absolute disaster.
According to the Commerce Department, our goods trade deficit with the rest of the world was 891.3 billion dollars in 2018. That was a 12.4 percent increase from the year before, and it represented a brand new all-time record high.
If we stay on this path, it is a recipe for national economic suicide. We will continue to be unable to pay our bills, we will continue to have to beg the rest of the world for increasing amounts of money, and our national debt will continue to explode.
And of course countless numbers of factories will continue to shut down and countless numbers of workers will continue to lose their jobs.
We can see this happening all around us, but most Americans are not mentally connecting the factory closings and the layoffs to our horrific trade deficit. On Wednesday, the very last vehicle rolled off the assembly line at the GM plant in Lordstown, Ohio…
General Motors is ending production at its Lordstown, Ohio plant Wednesday — two days earlier than previously expected.
A GM (GM) spokesperson said that’s when the plant will churn out its last Chevy Cruze sedan. At that point, the factory will be unallocated, which means no vehicles will be assigned to that facility.
That factory is just the first of four U.S. factories that GM is shutting down this year.https://archive.fo/SmPHDhttps://theeconomiccollapseblog.com/archives/the-trade-deficit-continues-to-explode-factories-continue-to-be-closed-and-u-s-jobs-continue-to-be-sent-overseas