FOR IMMEDIATE RELEASE:
December 17, 1999
BYE, BYE, AMERICAN PIE
Buchanan Responds to
Record Trade Deficit Report
VIENNA, VA -- Today, Pat Buchanan released the following statement:
According to the acolytes of The New Economy, trade deficits don't matter.
Well, America is certainly going to find out. For the October trade
figures for the U.S. are the most awesome of any nation in modern history.
The exploding U.S. trade deficit in manufactures ($224 billion from
January through October) is now 25 times as large as our shrinking
agricultural trade surplus ($9 billion).
The U.S. trade deficit with Japan and China has moved above $80 billion
annually with both countries.
China sells America $8 worth of goods for every $1 worth we sell China.
U.S. exports to China are less than one half of 1% our economy, while
China's exports to us are now between 8% and 9% percent of the entire
Chinese economy.
China's exports to the U.S. account for 100% of China's economic growth.
The U.S. trade deficit in goods is headed toward $400 billion a year.
The major deficit items: trucks, autos, ADP equipment, office machines,
TVs, VCRs, electrical machinery, iron and steel.
Bye, Bye, Miss American Pie.
-------- 30 --------
|
