Some hard data on the current account balance of payments trade deficit. The data is from the US census bureau.
Note the following: (1) The US went into the red on imports v exports in 1971 and by
1977 had wiped out the accumulated surplus. The nation has never recovered their manufacturing edge. This is when the first oil shock occurred.
(2) The cumulative trade deficit 1960 through 2005 is 6 trillion
- 90 billion - 615 million dollars. Assuming 290 million population of the USA this is slightly more than 21,000$US for every man, woman and child.
(3) We are currently importing slightly more than 2 billion dollars *EVERY DAY* than we export including the weekend.
Data is in current year (not adjusted for inflation) dollars. net cummulative BOP 1960 => 2005 Year CY mil$ BOP millions $ - = outflow
1960 4,892 4,892
1961 5,571 10,463
1962 4,521 14,984
1963 5,224 20,208
1964 6,801 27,009
1965 4,951 31,960
1966 3,817 35,777
1967 3,800 39,577
1968 635 40,212
1969 607 40,819
1970 2,603 43,422
1971 -2,260 41,162
1972 -6,416 34,746
1973 911 35,657
1974 -5,505 30,152
1975 8,903 39,055
1976 -9,483 29,572
1977 -31,091 -1,519
1978 -33,927 -35,446
1979 -27,568 -63,014
1980 -25,500 -88,514
1981 -28,023 -116,537
1982 -36,485 -153,022
1983 -67,102 -220,124
1984 -112,492 -332,616
1985 -122,173 -454,789
1986 -145,081 -599,870
1987 -159,557 -759,427
1988 -126,959 -886,386
1989 -117,749 -1,004,135
1990 -111,037 -1,115,172
1991 -76,937 -1,192,109
1992 -96,897 -1,289,006
1993 -132,451 -1,421,457
1994 -165,831 -1,587,288
1995 -174,170 -1,761,458
1996 -191,000 -1,952,458
1997 -198,104 -2,150,562
1998 -246,687 -2,397,249
1999 -346,015 -2,743,264
2000 -452,414 -3,195,678
2001 -427,188 -3,622,866
2002 -482,297 -4,105,163
2003 -547,302 -4,652,465
2004 -655,410 -5,307,875
2005 -782,740 -6,090,615
Unka George (George McDuffee)
There is something to be said for government by a great aristocracy which has furnished leaders to the nation in peace and war for generations; even a democrat like myself must admit this. But there is absolutely nothing to be said for government by a plutocracy, for government by men very powerful in certain lines and gifted with the "money touch," but with ideals which in their essence are merely those of so many glorified pawnbrokers.
Theodore Roosevelt (1858-1919), U.S. Republican (later Progressive) politician, president. Letter, 15 Nov. 1913.