US Trade Deficit is Half Oil

[kpete]

US Trade Deficit is Half Oil

A government official emphasized to me today what should be clear to anyone who follows Calculated Risk’s charts, namely that a huge element of our trade deficit has nothing to do with China or manufacturing but is instead driven by oil:



http://yglesias.thinkprogress.org/2010/11/us-trade-deficit-is-half-oil

[leveymg]

1. That $360 billion annual trade deficit (exc. petrol) is still the equivalent of 7.2 million US jobs

Unemployment resulting from the de-industrialization of America has a lot to do with U.S. corporate terms of trade with China. Better believe it.

Here's another number: 7.2 million is about the number of Americans whose jobs have been eliminated since the start of the Great Recession.

[sally cat]

2. Still opposed to drilling for more of our own.