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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California Black Media

Controller Malia Cohen Convenes Auditors from Counties Across California

The conference focused on key issues related to county financial management and reporting. This annual event is mandated by Government Code 12422, which requires the State Controller to convene county auditors at least once a year. The conference served as a platform to discuss county budget procedures, financial transaction reporting, and property tax revenue allocation, promoting consistency in the duties of county auditors statewide.

Published

2 days ago

November 3, 2024

Oakland Post

California State Controller Malia Cohen. File photo.

By Bo Tefu, California Black Media

California State Controller Malia Cohen welcomed auditors from across the state for the 79th Annual County Auditors Conference, a three-day event and award ceremony hosted in Santa Cruz.

The state controller honored the award recipients by celebrating their excellence in producing accurate financial data.

In her opening remarks, Cohen emphasized the significance of collaboration between her office and the county auditors.

“I want to congratulate all of the counties receiving today’s County Financial Transactions Reporting award,” stated Cohen. “Your county’s diligence in reporting is critical for my office to produce accurate local government financial data, which is of vital importance to policymakers, researchers, and constituents throughout California. Thank you for your contribution to the quality and transparency of public finances.”

Cohen also moderated a panel discussion featuring Assemblymember Gail Pellerin and Department of Finance Director Joe Stephenshaw. The panel addressed critical topics such as the upcoming state budget, technological advancements, and anticipated fiscal challenges for local governments in the coming fiscal year.

In addition, Cohen recognized counties that received the California State Controller Financial Transaction Reporting Award, highlighting the importance of accurate and timely financial reporting.

More than 40 counties won the coveted Financial Transaction Reporting Award, celebrating their commitment to excellence in financial management. Counties that won an award include Alameda, Contra Costa, Los Angeles, and Sacramento.

Oakland Post

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Activism

Oakland Post: Week of October 30 – November 5, 2024

The printed Weekly Edition of the Oakland Post: Week of October 30 – November 5, 2024

Published

4 days ago

November 1, 2024

Oakland Post

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

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Business

Special Interview: Rep. Barbara Lee Discusses Kamala Harris’ Plan for Black Men

On Oct. 16, California Black Media (CBM) spoke with Harris-Walz campaign surrogate, Congresswoman Barbara Lee (D-CA-12), who shared more insights on Harris’ agenda and the importance of securing the Black Male vote. “She has said very clearly that she wants to earn the vote of everyone. And that means earning the vote of Black men,” said Lee of Harris. “She understands the systemic and historic challenges that Black men have. You haven’ t heard of a presidential candidate coming up with a concrete actual plan and policy agenda.” The agenda includes five focus areas based on insights she gleaned from hosting discussions with Black men during her Economic Opportunity Tour.

Published

1 week ago

October 28, 2024

Oakland Post

(File Photo) U.S. Congresswoman Barbara Lee (D-13-Oakland) chides Justices on the Supreme Court of the United States for voting to strike down Affirmative Action. She is shown here speaking in front of the California Reparations Task Force in Oakland on May 6, 2023. CBM photo by Antonio Ray Harvey. By Edward Henderson, California Black Media

By Edward Henderson, California Black Media

Last week, the Kamala Harris campaign released its Opportunity Agenda for Black Men.

“She has said very clearly that she wants to earn the vote of everyone. And that means earning the vote of Black men,” said Lee of Harris. “She understands the systemic and historic challenges that Black men have. You haven’ t heard of a presidential candidate coming up with a concrete actual plan and policy agenda.”

The agenda includes five focus areas based on insights she gleaned from hosting discussions with Black men during her Economic Opportunity Tour:

Provide 1 million loans that are fully forgivable to Black entrepreneurs and others disadvantaged groups to start businesses.
Champion education, training, and mentorship programs that help Black men get good-paying jobs in high-demand industries It will also develop more accessible pathways for Black men to become teachers.
Support a regulatory framework for cryptocurrency and other digital assets so Black men who invest in and own these assets are protected.
Launch a National Health Equity Initiative focused on Black men that addresses sickle cell disease, diabetes, mental health, prostate cancer, and other health challenges that disproportionately impact them.
Legalize recreational marijuana and creating opportunities for Black Americans to succeed in this new industry.

“[Vice President Harris] knows that Black men have long felt that too often their voice in our political process has gone unheard and that there is so much untapped ambition and leadership within the Black male community,” the language in the agenda states. “Black men and boys deserve a president who will provide the opportunity to unleash this talent and potential by removing historic barriers to wealth creation, education, employment, earnings, health, and improving the criminal justice system.”

Diving into Harris’ agenda, Lee says, reminded her of her own record of supporting Black men over the years as an elected official. In the 90’s, she established the first California Commission on African American Males through which she pressured the state to address urgent economic, health and social challenges specific to Black men.

“No group of people are a monolithic group of people,” said Lee She’ s not taking any vote for granted. I’ve known her over three decades and I believe she is being herself. She’ s authentic,” Lee added.

Each of the 5 key points addressed in the Harris Campaign’s agenda, Lee says, has additional clauses that can potentially help Black men and their families thrive. This includes lowering rent; up to $25,000 in downpayment help for first time homebuyers; and cutting taxes for Black men in lower-wage jobs by increasing the Earned Income Tax Credit maximum to $1,500.

“I think the messages is one of empowerment for Black men — regardless of whether they’ re a blue-collar worker, if they’ re not working, if they’ re in business, if they’ re an entrepreneur, whatever background or whatever they’re doing or experiencing life. I think the authenticity of their experience can only be articulated through them,” said Lee.