No Jobs, No Recovery
Published at: www.nytimes.com
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How to Rebalance the Economy and Create Jobs At Home
January 31, 2010
Since 1990 American has run a cumulative deficit on our traded goods account of $ 9 trillion dollars. Much of this money was re-circulated fueling the increasingly larger budget deficits and the over consumption of American consumers. American economists and politicians have been blinded by the promise of the advantages of free trade while ignoring the obvious costs to American security and prosperity of our increasing dependence on foreign suppliers for everything from food products to finished manufactures. Even our defense sector, below the level of our prime contractors, has been hollowed out by the outsourcing of production to distant sources of supply.
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