Apr 12, 2006- Kaptur Says Record Trade Deficit "Stifles Real Economic Growth"

"The record-breaking hemorrhage of America'sgood jobs continues unabated as evidenced by the latest trade deficit figuresreleased today," said Kaptur. "Every billion dollars in deficit equalsmore than 10,000 jobs lost. At the same time, the U.S.is becoming more and more beholden to foreign interests who are financing thisnet deficit. We are not only shipping jobs overseas, we are shippingbillions of dollars in interest payments on U.S. debt now held by foreigninterests. It is no surprise that retailing of foreign goods is now America'sbiggest business."

Kaptur has introduced the Balancing Trade Act of 2005 (HR 4405) which willrequire the President to take action when Americafaces deficits like we see today. It would mandate that the President correctthese imbalanced trading relationships when our deficit with them would equal$10 billion for 3 consecutive years.

"In order to correct accounts that are seriously in the red, someone has togo back and look at the books," said Kaptur. "It is a responsibleapproach, one that the executive branch should be taking and one that is longoverdue. 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 inindependence."

Last year, the U.S.deficit hit an all-time high of $723.6 billion; that's 100 billion more thanthe previous year's imbalance. The trend shows that the U.S.is headed to another annual record.

"Every year, with all the unfair trade agreements that have been signed, thered ink just keeps getting deeper," continued Kaptur. "We arehemorrhaging America'sgood jobs, with fewer people working at good jobs to create real wealth. A deficit like this stifles real economic growth."