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 -6,090,615Unka 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.