The trade data released by the Commerce Department last week marked another sad milestone in America’s economic decline. The December balance of trade in manufactured goods set another new record -$87.3 billion – beating the previous record set only one month earlier. That’s an annualized deficit of $1.05 trillion and represents a loss of approximately fourteen million high-paying manufacturing jobs.
2020, the final year of Trump’s presidency, was by far the worst on record in terms of the trade deficit. In the title of this post, the word “inherits” is in quotation marks because while he now takes over that deficit from Trump, the truth is that Biden has played a key role in creating and exacerbating the deficit his entire adult life as a champion of globalist policies. He joined the U.S. senate in 1973. In 1975, America sadly experienced its final trade surplus, and has run an ever-growing deficit for the past forty-four years. He didn’t just “inherit” this problem. He played a key role in creating it, and it’s impossible to over-estimate the devastation done to our economy and to working Americans.
What will he do about it? Not a damn thing. His corporate benefactors, seeing more potential for profit growth in overseas markets than in the mature U.S. economy, have been paying him for decades to facilitate the transfer of America’s wealth and the export of American manufacturing jobs. He pays lip service to revitalizing American manufacturing, but that’s all it is.
Impeach Trump for inciting the Capitol building riot? Perhaps Biden should be impeached for his lifetime of work fomenting the unrest in this country that created the fertile ground for Trump’s rhetoric to take root.