“The United States becomes more and more beholden to foreign interests that are financing these deficits,” continued Kaptur. “We are not only shipping jobs overseas, we are shipping billions of dollars in interest payments on U.S. debt now held by foreign interests. Is it is no surprise that retailing of foreign goods is now America's biggest business.”
Kaptur has introduced the Balancing Trade Act of 2005 (HR 4405), which will require the U.S. president to take action when the United States faces deficits. It would mandate that the president correct these imbalanced trading relationships with any nation where our deficit with them would equal $10 billion for three consecutive years.
“Every year, with all the unfair trade agreements that have been signed, the red ink just keeps getting deeper. We are hemorrhaging America’s good jobs, with fewer people working at good jobs to create real wealth,” said Kaptur.
Through November of 2005 the United States had already broken the previous year’s record of $618 billion. Today’s numbers mark the fourth consecutive year that U.S.-America’s trade deficit has set a record.
“Alan Greenspan warned that this relentless growth in the trade deficit cannot persist,” said Kaptur. “How long will it be before we put a foreclosure sign on our U.S. Department of the Treasury? What an embarrassment for a Nation founded in independence.
“There are signs that the president is finally realizing the importance of energy independence, but he also needs to understand how these record trade deficits threaten our independence. What will it take for him to pay attention to a crisis that is stifling economic growth and shipping American jobs overseas?”