Economics

U.S. Hits Largest Trade Deficit in 10 Years

Published

6 years ago

March 21, 2019

Rev. Curtis O. Robinson, Sr.

Rev. Curtis O. Robinson, Sr.

Economists have recently started to talk about the U.S. trade deficit being at a decade high of $796 billion dollars. According to Wikipedia, the balance of trade, commercial balance, or net exports (sometimes symbolized as NX), is the difference between the monetary value of a nation’s exports and imports over a certain period. In short, there is either a plus or a minus, and the U.S. has historically suffered from a deficit platform.

Not all countries suffer from deficit economic constructs. Nigeria and Russia have a trade surplus. When it comes to income, the U.S. outpaces both countries, but we have a deficit that is approaching an area where recessions happen. Right before the Great Recession of 2007, the U.S. trade deficit was at a staggering -$803 billion. Then, under the Obama administration in 2009, there was a precipitous drop in the trade deficit to -$504 billion.

What we hear very often from the current POTUS is that this is the best economy that ever was. It is true that unemployment is at its lowest in recent history. At 4.0 percent, unemployment is lower now, than it was in 2007, when it stood at 4.7 percent. However, numbers always tell a tale that finds truth, which is a leading indicator about the health of America’s economy. And despite the apparent robustness of the current economy, history tends to repeat itself. Business moves in cycles; up and down, all day, every day. As consumers, we need to pay attention to these trends.

Most economists suggest that the recent trade tariffs are leading to more Americans having to foot the bill. We are very dependent upon China for trade opportunities, however, this current administration does not seem to understand that change needs to be scalable, and not sudden. We must know that China’s once red-hot economy is starting to cool, and has gradually come down since 2014. We are celebrating a 10-year bull market, and I’m sorry to say that all parties come to an end.

Finally, the writer of Proverbs says, “Go to the ant, you sluggard; consider her ways and be wise! Which, having no chief, overseer, or ruler, provides her food in the summer and gathers her supplies in the harvest.” Get while the getting’s good, because we never know, do we?”

Rev. Curtis O. Robinson, Sr.

Posts by Rev. Curtis O. Robinson, Sr.

Related Topics:Donald Trump God on Wall Street Rev. Curtis Robinson trade deficit

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Oakland Post: Week of December 18 – 24, 2024

The printed Weekly Edition of the Oakland Post: Week of December 18 – 24, 2024

Published

2 days ago

December 20, 2024

Oakland Post

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Council of Islamic Relations Applauds Alameda County Decision to Divest $32M from Caterpillar

The divestment from Caterpillar, a company criticized for its human rights abuses globally—including the destruction of Palestinian homes, infrastructure, and agriculture, as well as in the U.S. prison-industrial complex, border militarization, and immigration detention centers—is a significant step in ensuring that Alameda County’s financial resources do not perpetuate harm.

Published

1 week ago

December 14, 2024

Oakland Post

CAIR-SFBA Policy Coordinator Musa Tariq. Courtesy photo.

Special to The Post

The San Francisco Bay Area office of the Council on American-Islamic Relations (CAIR-SFBA), the nation’s largest Muslim civil rights and advocacy organization, this week welcomed the Alameda County Board of Supervisors’ decision to divest $32 million in public funds from Caterpillar and unanimously commit to adopting an ethical investment policy.

The Board’s decision follows months of advocacy by Bay Area Divest!, a coalition of community organizations calling for accountability in public investments.

In November, CAIR welcomed the reported freeze on the delivery of bulldozers to Israel as an “implicit admission” by the Biden Administration that the far-right Netanyahu government is using that equipment in the ethnic cleansing of Gaza.

CAIR-SFBA Policy Coordinator Musa Tariq said:

“This is a historic moment for Alameda County, demonstrating the power of community advocacy and the County’s leadership in ethical governance. The decision to divest from Caterpillar sends a clear message that public funds should not support corporations complicit in human rights violations.”

In addition to divesting from Caterpillar, the Board voted to move forward with developing a comprehensive Ethical Investment Policy, recommended by District 5 Supervisor Keith Carson.

This policy will include criteria to exclude “investments in industries, corporations, or governments that perpetuate harm to communities and the planet,” such as fossil fuel extraction, weapons production, and entities involved in war crimes, apartheid, and other severe human rights violations.

Alameda County has a proud legacy of socially responsible investment. In 1985, the County divested from South Africa to protest apartheid, and in 1996, it barred investments in companies doing business with Burma due to human rights abuses.

“This forward-thinking policy positions Alameda County as a leader in socially responsible investing,” added Tariq. “By committing to craft the policy within 90 days and implement it within six months, the County has set an ambitious and commendable timeline.”

CAIR-SFBA is an office of CAIR, America’s largest Muslim civil liberties and advocacy organization. Its mission is to enhance the understanding of Islam, protect civil rights, promote justice, and empower American Muslims.