Byron Dorgan: “I do not believe that Chairman Greenspan would suggest we should promote trade deficits. I think he suggests we promote…”

“I do not believe that Chairman Greenspan would suggest we should promote trade deficits. I think he suggests we promote international trade. I am all for that. Sign me up. Count me as one who believes we ought to expand international trade. I think that is healthy. Good for our economy and good for the economies of those with whom we trade, provided the trade is fair and reasonably balanced. We have a trade deficit with China that is $60 billion to $70 billion, and headed south. We have a trade deficit with Japan that is between $50 billion and $60 billion--slightly more than that, as a matter of fact. We have a trade deficit with Mexico and Canada that is becoming significant. And we have a trade deficit with Europe. It is interesting how all of the discussion this morning has carefully avoided the fact that the current trade policy they espouse isn't working. The current trade policy, last month, produced a $41.5 billion trade deficit--just last month. That is a deficit that will be a yoke on the shoulders of every American. It is relentless, it is increasing, and everyone who speaks in favor of this trade policy carefully and studiously ignores it.”