Summary of Americas Current Economic Condition

1. Wholesale sellout of core strategic assets to foreign acquirers: according to official figures, more than
16,613 U.S. companies have been sold to foreign corporations from 1978 to July 2008 for trillions of dollars.
2. Decline of vital industries through bankruptcy, foreign predatory practices, and foreign acquisitions:
examples include steel, publishing, textiles, machines tools, automobiles, electronics, movies and more.
3. Inability to manufacture competitively: in 2006, American manufacturers suffered a 22 percent structural
cost disadvantage compared to overseas competitors through taxes, health and pension benefits, litigation,
regulation, and unequal environment protection.
4. Overdependence on imports: in 2006, $1 in $4 of US consumption on manufactured goods went
immediately and directly to imports. In 2007 China alone exported over $321 billion in goods to the United
States compared to the $62 billion in goods we exported to them.
5. Massive wealth transfer to foreign ownership: our trade deficit, estimated to exceed $800 billion in 2008,
is costing $1.5 million per minute in remittance to foreign companies.
6. Loss of job and career opportunities for people at all education levels: 3 million high-paying
manufacturing jobs lost between 2000-2005. The U.S. lost 63 thousand jobs in February of 2008 alone.
7. Insourcing of foreign manufacturers destroys our domestic industries, takes profits and taxes
overseas, and provides only low-skill jobs for American workers: foreign manufacturers operating in the
U.S. accounted for over 20 percent of our exports and manufacturing assets, and a large percentage of our
employment in 2006.
8. Dependence on foreign financing of government debt: as of December, 2007, the U.S owed 53 percent of
its debt to foreign countries and other international interests. That is 25.5 percent of our total national deficit
and we finance nearly 100 percent of all new borrowings from foreign interests our competitors are now
our bankers.
9. Outsourcing key manufacturing, research, and design: unchecked offshore outsourcing benefits
individual companies and shareholders but destroys entire industries and communities.
10. Transition to services-oriented economy: high-paying goods-producing industries have lost net
employment over the past 27 years while lower paying non-tradable services-providing employment has
doubled.
11. Lost scientific, engineering, technological prowess: in 2004, China and India graduated a combined
950,000 engineers versus 70,000 in the U.S. The United States ranks near the bottom of science/math
proficiency
12. Wealth shift into less productive assets: market value of residential real estate was a record-high, 38
percent of household net worth, in 2006. This is further exacerbated by record over-inflated home valuations
and mortgage levels and created the need for the government Bailouts of 2008.
13. Record levels of personal and government debt: household liabilities at record levels, federal government
also adding record levels of debt each year, financed mostly by foreign countries. Trade deficits are
transferring unprecedented, accelerating amounts to foreign hands each year.
14. Misleading commonly used economic statistics: misleading incomplete statistics, like GDP, job creation
and production statistics belie our crumbling economic infrastructure.
15. Proven failed trade policies and other counter productive legislation contributing to our demise:
Agreement with groups like the World Trade Organization; irresponsible treaties, like NAFTA; and out
dated foreign tax agreements, like the Value Added Tax are destroying U.S. industries and allowing our
assets to be sold or taken from us.

Category:

News & Politics

Tags:

• Obama
• US economy
• economy in crisis
• economic crisis
• WTO
• NAFTA
• free trade
• fair trade
• Craig Harrington

[noncompliant2]

Best economic video on youtube!

[goinsane71]

@gbilios We havent and will not lose game aganist china.. because... we play different games.. their game is manufacturing. Ours is software and services. how can someone playing cricket lose aganist someone playing football ?... Then our kind of *rise* dont need much bridges.. we only need better cables.

[gbilios]

@goinsane71 you already lost the game..china has surpassed india's rising economy. you guys can't build bridges and let alone can't host events on time.

[goinsane71]

@gbilios India is a Pawn ? hahahaaa.. a pawn, when it reach the other side becomes a Queen.. Just wait and see that....

[goinsane71]

China sell things and buy less not because they are cheap factory workers. Its a wast country with huge resources. Quite natural that they sell more than what they buy.

[ashevillejax]

We've tried free trade and seen how well that has worked to gut our means of production. How has that strengthened us as a country? Let's go back to some protectionism. Our main competitors use protectionism. It works for them. We grew economically as a result of our protectionism from 1789 to 1913. The destruction of the middle class wages is very dangerous to the experiment called America.

[1999smiley]

This video is TOTALLY false. This video's title should be 'PROTECTIONISM to fix American economy'. Go ahead, try it see if it works.

[blakaxe]

Excellent!! You should start a channel i will subscribe!!