This is starting to drive me nuts. T. Boone Pickens, in his ad about our dependence on foreign oil, included a statement that we are sending over $700 billion to foreign countries every year. That’s true, but IT’S NOT ALL FOR OIL!!! Less than half is for oil. The rest represents our trade deficit in manufactured goods.
Now I’m hearing this repeated everywhere. During a campaign stop today, even McCain repeated this misunderstanding – that we’re sending $700 billion to foreign oil producers, “much of which can end up in the hands of terrorists,” he said. Unbelievable! Even one of our presidential candidates doesn’t understand even the basics about our trade deficit. He gets his economic information from ads on TV, and it’s not even accurate.
Everyone, please, watch the Pickens ad carefully! You’ll see that he doesn’t say that this money is spent on oil. Is that any reason to be less concerned? Actually, we should be much more concerned! At least the deficit in oil doesn’t also include a loss of eight million manufacturing jobs!
Our trade deficit is, by far, the single greatest factor behind the destruction of America’s economy. It merits enough attention for people to at least understand the very basics of the problem.