FOR IMMEDIATE RELEASE:
October 21, 1999
BUCHANAN BLASTS RECORD CHINA TRADE DEFICIT
Warns Of Bubble Economy
"America's trade deficit with China set another record in August, reaching a staggering $6.87 billion, up from $6.3 billion in July. It is the largest deficit on record with any country, and a kind of running scorecard of the de-industrialization of the United States. August figures show that deficits with NAFTA partners Canada and Mexico rose as well, to $3.5 billion and $2.2 respectively.
"One wonders whether there is any deficit too high for the elites who run the two major parties- who continue to push China's privileged entry into the World Trade Organization, as well as the expansion of NAFTA to Central America.
"As the dollar sinks and the market pundits fret, not even the most rose-spectacled economist believes the United States can continue run deficits like this over the long term. The free-trade-at-any-cost economy is a bubble, threatening to burst and destroy the aspirations of middle and working class Americans for a secure economic future.
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