Enormous, Humongous May Trade Deficit Slows Economy

http://smirkingchimp.com/thread/dave-johnson/62958/enormous-humongous-may-trade-deficit-slows-economy

Enormous, Humongous May Trade Deficit Slows Economy
Trade
by Dave Johnson | July 8, 2015 - 7:45am

The U.S. Census Bureau reported Tuesday that the May goods and services trade deficit was an enormous, humongous $40.9 billion, up a bit from an enormous, humongous $40.7 billion in April.

Our enormous, humongous trade deficit is a measure of how many jobs, factories, companies and industries we are losing to our pro-Wall Street trade policies. A trade deficit drains our economy of wealth, jobs and future economic opportunity.

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Trade Deficit, Trade Policies Hurting Economy

When you close a factory in the U.S., move the jobs and production to a low-wage, low-democracy country, and bring the same goods back to the U.S. to sell in the same stores this “increases cross-border trade.” But since this trade is going in one direction, it also increases our trade deficit, which hurts our economy. Moving the jobs to places where the workers are exploited means that a few investors and executives can pocket the difference in what is paid in wages and environmental protection costs, while impoverishing the workers and communities on all sides of the trade borders.

And to top it off, the U.S. doesn’t even make these companies pay their taxes, so we literally get nothing back for the lost jobs and wages.