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

June 12, 2007
Press Release
"The record-breaking hemorrhage of America's good jobs continues unabated as evidenced by the latest trade deficit figures released today," said Kaptur. "Every billion dollars in deficit equals more than 10,000 jobs lost. At the same time, the U.S. is becoming more and more beholden to foreign interests who are financing this net deficit. 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. 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 President to take action when America faces deficits like we see today. It would mandate that the President correct these 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 to go back and look at the books," said Kaptur. "It is a responsible approach, one that the executive branch should be taking and one that is long overdue. 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."

Last year, the U.S. deficit hit an all-time high of $723.6 billion; that's 100 billion more than the 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, the red ink just keeps getting deeper," continued Kaptur. "We are hemorrhaging America's good jobs, with fewer people working at good jobs to create real wealth. A deficit like this stifles real economic growth."