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WASHINGTON – It may seem like the country that used to make everything is on the brink of making nothing.
In January, 207,000 U.S. manufacturing jobs vanished in the largest one-month drop since October 1982. Factory activity is hovering at a 28-year low. Even before the recession, plants were hemorrhaging work to foreign competitors with cheap labor. And some companies were moving production overseas.
The "Great American Sell Off" ticker is an up-to-date projection of the amount of money that foreign companies spend to acquire U.S. companies. Acquisition of companies by foreign entities diverts U.S. technology, jobs and ownership abroad.
The ticker is a projection based on the average amount of money spent per second on acquisitions in the 2007 fiscal year, which was $4,087.85 per second. Use the acquisition index below to see the most current data available on foreign acquisitions.
Foreign Ownership of US Domestic Industries
This data comes from IRS (Internal Revenue Service) - Current as of 2002 (latest data available).
Foreign ownership refers to ownership of assets of a particular industry by foreign controlled domestic U.S. Corporations (FDC) 50% or more owned by a foreign entity.
FOREIGN OWNERSHIP OF SELECTED U.S. INDUSTRIES
Originally posted by tamusan
According to the department of commerce, U.S. export of goods and services actually increase by 13% for 2007. 2008 report should be out soon.
In 1975, U.S. exports had exceeded foreign imports by $12,400 million, but that would be the last trade surplus the United States would see in the 20th century. By 1987, the American trade deficit had swelled to $153,300 million. The trade gap began sinking in subsequent years as the dollar depreciated and economic growth in other countries led to increased demand for U.S. exports.
But the American trade deficit swelled again in the late 1990s. Once again, the U.S. economy was growing faster than the economies of America's major trading partners, and Americans consequently were buying foreign goods at a faster pace than people in other countries were buying American goods. What's more, the financial crisis in Asia sent currencies in that part of the world plummeting, making their goods relatively much cheaper than American goods. By 1997, the American trade deficit $110,000 million, and it was heading higher.
In January 2008 - we started tracking our trade with our NAFTA partners [sic]. In just January through July we have a trade deficit over $88,235,000,000.00 or 88.2 Billion USD.
The estimated population of the United States is 305,690,802
so each citizen's share of this debt is $35,362.15.
The National Debt has continued to increase an average of
$3.52 billion per day since September 28, 2007!
America trade deficit, I hope you understand what a trade deficit is and what it means.
Originally posted by marg6043
reply to post by yellowcard
Is not that America doesn't make anything, but that Americas can not produce enough to compete with our trade partners we consume more than we produce.
Do you have an understanding of economics?