Thursday, May 12, 2011

28 Statistics About The Gutting Of The U.S. Economy That Will Blow Your Mind

#1 According to the U.S. Department of Commerce, the U.S. trade deficit for the month of March was $48.2 billion.  That was up from $45.4 billion in February.
#2 The United States has had a negative trade balance every single year since 1976.
#3 Between December 2000 and December 2010, the U.S. ran a total trade deficit of 6.1 trillion dollars.
#4 The U.S. trade deficit with China in March was $18.1 billion.  This is money that is not going to support U.S. businesses and U.S. workers.  If that money was actually going to our businesses and to our workers it would increase tax revenues.
#5 Since China entered the WTO in 2001, the U.S. trade deficit with China has grown by an average of 18% per year.
#6 During 2010, we spent $365 billion on goods and services from China while they only spent $92 billion on goods and services from us.
#7 Since 2005, Americans have gobbled up Chinese products and services totaling $1.1 trillion, but the Chinese have only spent $272 billion on American goods and services.
#8 The U.S. trade deficit with China in 2010 was 27 times larger than it was back in 1990.
#9 According to a recent report from the Economic Policy Institute, between 2001 and 2008 the United States lost 2.4 million jobs due to the growing trade deficit with China.  Every single state in America experienced a net job loss due to our trade deficit with China during that time period.
#10 The United States has lost an average of 50,000 manufacturing jobs per month since China joined the World Trade Organization in 2001.
#11 The United States has lost a staggering 32 percent of its manufacturing jobs since the year 2000.
#12 Between December 2000 and December 2010, 38 percent of the manufacturing jobs in Ohio were lost, 42 percent of the manufacturing jobs in North Carolina were lost and 48 percent of the manufacturing jobs in Michigan were lost.
#13 Back in 1970, 25 percent of all jobs in the United States were manufacturing jobs. Today, only 9 percent of the jobs in the United States are manufacturing jobs.
#14 China produced 19.8 percent of all the goods consumed in the world last year.  The United States only produced 19.4 percent.
#15 According to the IMF, China is going to have the largest economy in the world by 2016.
#16 Nobel economist Robert W. Fogel of the University of Chicago is projecting that the Chinese economy will be three times larger than the U.S. economy by the year 2040 if current trends continue.
#17 Back in 1998, the United States had 25 percent of the world’s high tech export market and China had just 10 percent. Ten years later, the United States had less than 15 percent and China's share had soared to 20 percent.
#18 Manufacturing employment in the U.S. computer industry was actually lower in 2010 than it was in 1975.
#19 In 2002, the United States had a trade deficit in "advanced technology products" of $16 billion with the rest of the world.  In 2010, that number skyrocketed to $82 billion.
#20 Last year, China produced 11 times as much steel as the United States did.
#21 Do you remember when the United States was the dominant manufacturer of automobiles and trucks on the globe?  Well, in 2010 the U.S. ran a trade deficit in automobiles, trucks and parts of $110 billion.
#22 In 2010, South Korea exported 12 times as many automobiles, trucks and parts to us as we exported to them.
#23 According to one recent study, China could become the global leader in patent filings by next year.
#24 China is now the number one supplier of components that are critical to the operation of U.S. defense systems.
#25 In 2010, the number one U.S. export to China was "scrap and trash".
#26 Thanks to our exploding trade deficit with China, the Chinese have accumulated nearly 3 trillion dollars in foreign currency reserves.  That is the largest stockpile of foreign currency reserves on the entire globe.
#27 The amount of the trade deficit that can be attributed to foreign oil is at the highest level that we have seen since 2008.
#28 It is being projected that for the first time ever, the OPEC nations are going to bring in over a trillion dollars from exporting oil this year.  Their biggest customer is the United States.