Trade Deficit Destroys 3 Million Jobs a Year

[FreakinDJ]

NEW YORK (TheStreet) -- The Commerce Department reported the deficit on international trade in goods and services was $46.3 billion in January, up from $40.2 billion in December and $27 billion in mid 2009, when the recovery began. Deficits on oil and with China jumped $1.2 and $2.6 billion, respectively, and the overall trade deficit is blocking the creation of 3 million jobs each year.

This rising deficit subtracts from demand for U.S. goods and services, just as stimulus spending and additional temporary tax cuts add to it. Consequently, a rising deficit slows economic recovery and jobs creation, and the Obama Administration and Republican leadership in Congress have offered little to address it.

Rising oil prices and imports from China are driving the trade deficit, and these are major barriers to creating enough jobs to pull unemployment down to 6% over the next several years.

http://finance.yahoo.com/news/Trade-Deficit-Destroys-3-tsmf-218125918.html?x=0

[xchrom]

1. recommend

[OHdem10]

2. And our President is set to sign more trade deals.