Oil imports drove May trade deficit to $50.2B

[dtotire]

This should be a greater worry than the deficit they are talking about in Congress. This is money thatis leaving the country and making the country poorer. If it was spent here, millions more would be employed. The last time the country had a positive balance-of payments was when Carter was President. He warned about our dependence on foreign oil, and took steps to make us energy independent. These were cut badk or eliminated when Reagan was elected, and we went from being the world's leading creditor to become the world's largest debtor nation.


Oil imports drove May trade deficit to $50.2B


WASHINGTON (AP) - The U.S. trade deficit surged in May to the highest level in more than two and a half years, driven wider by a big increase in oil imports and a decline in exports. The Commerce Department said Tuesday that the deficit increased 15.1 percent to $50.2 billion in May. That's the largest imbalance since October 2008.


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