Marcy Kaptur: “the U.S. trade deficit continues its relentless spiral upwards. More red ink. More outsourced jobs. More foreign…”

“the U.S. trade deficit continues its relentless spiral upwards. More red ink. More outsourced jobs. More foreign imports. Nothing seems capable of slowing it down, neither the misguided Bush administration policy of forcing down the value of the dollar on global markets, nor a half-hearted, ineffective and ultimately unsuccessful attempt to increase U.S. exports. America wants results, not rhetoric. According to recent reports, the current account deficit, which is the broadest measure of the trade deficit, reached $193 billion just in the first quarter of this year. Every year the red ink gets deeper. This represents 5.7 percent of our gross domestic product. It is a heavy ball and chain on the economic growth in our country, and it is becoming heavier. The trade deficit in goods in the first quarter surpassed $200 billion, and it dwarfed surpluses in services and income payments. Although you won't hear it from the economists on the coasts, the gargantuan deficit in goods is a dagger pointed at the heart of the economy in parts of the country such as I represent. We need action in Washington to stop the loss of jobs due to the trade deficit hemorrhage and unfair foreign competition, including the remaining closed markets of the world in first world nations like Japan. The trade deficit, Mr. Speaker, reveals two fundamental weaknesses in our national economic policy.”