A Quote by Jo Ann Emerson
With a strong domestic economy, low national unemployment at 5 percent, and increasing retail sales, the picture should look rosy. But one look at the trade deficit changes all of that.
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Our whole economy and society is already being changed by the fact that we have increasing unemployment, mass unemployment and that's what we're facing in the future because of increasing automation.
When you look what is happening in this country with the debt, the deficit, the CBO coming out and saying once again we're going to have a trillion dollar plus deficit in 2012, the fourth straight year, and unemployment may be going back up to 8.9 or maybe nine percent by the end of the year, these are serious situations that are going.
As the U.S. trade deficit, and the portion of that deficit attributed to China, continue to grow, our own economy is at risk of losing its reputation as a leader in world trade.
The trade deficit always goes up when the economy is strong and plummets when the economy sinks, as it did during both the Great Depression of the 1930s and the Great Recession of 2008-09.
If Australia finds it has a strong Australian dollar, and it has higher unemployment, then it would have to respond, and that would either be by increasing domestic demand or by weakening its own currency.
But if the choice is a cool president and 8 or 10 percent unemployment in a declining economy and a country that seems to be going in the wrong direction and structural unemployment for young people at 50 percent, I'd rather have a dorky president who fixed those problems.
Making the most of global trade opportunities does not mean transitioning to a low-tax, deregulatory, 'Bargain Basement' economy. It means developing a robust Industrial Strategy intertwined with a strong trade agenda.
San Diego is living proof that a healthy economy, low unemployment rate and strong international ties are not mutually exclusive.
Today, you have 20 percent of the world controlling 80 percent of the Gross Domestic Product; you've got a $30 trillion (US) world economy, and $24 trillion of it is in the developed countries... These inequities can't exist. So if you are talking about systemic breakdown, I think you have to look in terms of social breakdown.
This majority is working for America, and one of those ways is we have tremendously low unemployment. This economy has created millions of new jobs, and we are expecting growth this first quarter of somewhere higher than 4 percent.
China are running trade deficits with the rest of the world. If you look at the U.S. trade deficit, it's close to $800 billion trade in goods. Half of that is with China, so it's a big part of the problem. And the problem with China, as opposed to, say, Canada, is that China cheats.
The reality is that business and investment spending are the true leading indicators of the economy and the stock market. If you want to know where the stock market is headed, forget about consumer spending and retail sales figures. Look to business spending, price inflation, interest rates, and productivity gains.
Look and image were very important - there was already incredible pressure to look feminine and sexy but I wanted to look individual and strong. I didn't have any role models except Little Nell from 'The Rocky Horror Picture Show.'
God forbid that the United Kingdom should take a lead and introduce a sensible tax system of its own which would probably comprise a very low level of corporation tax - tax on corporate profits - and perhaps a low level of corporate sales tax, because sales are where they are, and sales in this country are sales here, which we can tax here.
The black unemployment rate has to be twice that of the white rate in the US. If the national unemployment rate were 6.8 percent, everyone would be freaking out. We ought to not take too much solace in the 6.8 percent, but ask ourselves what can we do to bring that down to white rates, which are below 4 percent now. Some of that has to do with education, but that's just part of the story. You find that those unemployment differentials persist across every education level. I think it means pushing back on discrimination and helping people who can't find work get into the job market.
It's immoral and wrong that the top 1 percent of the USA owns almost as much wealth as the bottom 90 percent. We should look at countries like Denmark and Sweden and Norway and look at what they've accomplished for their working people.
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