Who Is Missing From The Table?

Abstract

IN 1971, the U.S. trade balance turned negative after more than four decades of surpluses. The cumulative trade deficits since 1985 total $8.2 trillion. The associated loss of jobs and manufacturing capacity threatens the nation’s economy and our national security. Our present annual international trade deficit, 6% of our $14.4 trillion gross domestic product (GDP), is 20% larger than Social Security, 23% larger than all defense spending, and 19% larger than Medicare and Medicaid spending. In this decline, various manufacturing industries have left the U.S., including machine tools, steel, and consumer electronics. The chemical industry could be next unless action is taken. The chemical industry has long been very profitable for the U.S. However, in 2001, the U.S. trade balance for chemicals slipped into negative territory for the first prolonged period in eight decades. Although the trade balance for chemicals bounced back in 2007, it became negative again in 2008. Our colleagues have suffered. ...