Manufacturing, China trade deficits hit all-time highs
Friday, February 08, 2013
Manufacturing trade also reached an all-time record deficit in 2012, reaching $684.5 billion, up nearly 7 percent from the previous year.
"Today's data show that the major reindustrialization so urgently needed by the U.S. economy will require major policy changes, especially on the trade front, not the wishful inshoring thinking emanating from the White House," said Alan Tonelson, senior research fellow with the U.S. Business and Industry Council, in a statement about the trade figures.
The new figures, Mr. Tonelson said, "make clear that the U.S. economy remains stuck in the dangerous trap of relying on spending, borrowing, deficits and debt creation to produce any significant growth or job creation."Click here to read the article...