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We were running deficits of over two billion a day before the economy tanked. The Great Recession more than halved those deficits, but now they are steadily rising once more. The grip of the pre-recession economy is reasserting itself.
Why is this important? Because, as President Obama correctly said in his economic Sermon on the Mount at Georgetown, we cannot "recover" to the old economy and should not want to. That economy was built on bubbles and debt, borrowing $2 billion a day from abroad, with American consumers taking on ever more debt while serving as the world's consumer of last resort. We were shedding manufacturing jobs when the economy was growing. The global imbalances contributed directly to the economic collapse.
Obama put the case most clearly earlier this year:
We can't go back to that kind of economy. That's not where the jobs are. The jobs of the 21st century are in areas like clean energy and technology, advanced manufacturing, new infrastructure. That kind of economy requires us to consume less and produce more; to import less and export more. Instead of sending jobs overseas, we need to send more products overseas that are made by American workers and American business. And we need to train our workers for those jobs with new skills and a world-class education.
The president has urged the US to act boldly to capture a leading role in the new green industrial revolution -- centered on renewable energy -- that surely will drive global markets of the next decades. He called for new investment in education and training, in 21st century infrastructure, in research and development. "The fight for American manufacturing," he said," is the fight for America's future."
This is hugely important and something we all have to wake up to -- should have years and years ago. I remember reading someone discussing it as a crossroads situation back in 2009, I think Robert Reich, when the automakers were floundering. I've looked for that blog post -- and there was a thread about it too, at least one -- and will post if I find it/them. Also a good piece about it at BusinessWeek.
We don't make much in this country anymore so it will be interesting to see how Barry spins this.
Actually, the US is the worlds leader in the production of manufactured goods. China is expected to take that title next year, but right now, we make more than anyone else. Try some facts occasionally. It's good for the soul (just like Juicy Fruit gum).
One thing Obama is exporting by his legal maneuvering in the oil spill debacle is Gulf Coast jobs. Some oil companies have said they would not begin new drilling operations in the region until the legal matters are resolved, and some are already moving rigs and workers overseas.
GM spokesman Greg Martin said fully assembled Cadillacs will make up the bulk of the exports to China. While Buick remains GM's most popular brand in China, sales of the luxury Cadillac brand shot up 148 percent last year to 7,022 vehicles, partly due to the new Cadillac SLS.
So we send gas guzzlers to the millions of Chinese, making the CO2 levels higher, but we have to pay a carbon tax?
Where's AL Gore's outrage on this?
Good thing we have an offshore drilling ban in place right now. With all those gas guzzlers going to China, there is no chance whatsoever that oil prices will skyrocket. Gotta love liberals...always thinking ahead!
One thing Obama is exporting by his legal maneuvering in the oil spill debacle is Gulf Coast jobs. Some oil companies have said they would not begin new drilling operations in the region until the legal matters are resolved, and some are already moving rigs and workers overseas.
We shut down over a third of the rigs a year or so ago anyway, this is yet another wave. This time it's based upon known safety risks from questionable regulatory practices. Strategically we're full, for a while tankers were sitting full all over the world. Even oil analyst Ed Morse, current managing director of LCM Commodities and former State Department energy official believes that world crude oil prices will not rise much even when the global economy improves.
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