Obama embraces global future with diminished economy
In llittle-noticedremarks during the town hall meeting in Mumbai on Nov. 7, President Obama once again embraced globalism, while evidence is mounting that globalism means prolonged unemployment in the United States as the U.S. middle class slips into poverty.
“So I do think that one of the challenges that we’re going to be facing in the United States is at a time when we’re still recovering from this [economic] crisis, how do we respond to the challenges of globalism?” Obama asked in Mumbai.
He answered it by suggesting the United States is headed toward a diminished economic future. This was his next sentence: “Because the fact of the matter is, that for most of my lifetime – I’ll turn 50 next year – for most of my lifetime, the United States was such a dominant economic power, we were such a large market, our industry, our technology, our manufacturing was so significant that we always met the rest of the world economically on our terms.”
Then came the clincher: “And now, because of the incredible rise of India and China and Brazil and other countries, the United States remains the largest economic and the largest market but there’s real competition out there.”
Last week, TheEconomicCollapseBlog.com listed 20 reasons why globalism means economic hard times for the United States:
1) American workers are being merged into a global labor pool where they must directly compete for jobs with workers on the other side of the globe that make less than 10 percent of what an average American worker makes. Jobs flowing away from areas where labor is expensive to areas where labor is cheaper are unlikely to return.
2) Globalization has caused the U.S. trade deficit to absolutely explode. In 1985, the U.S. trade deficit with China was $6 million for the entire year. In the month of August alone, the U.S. trade deficit with China was over $28 billion.
3) Today, the United States spends approximately $3.90 on Chinese goods for every $1 that China spends on goods from the United States. This represents a massive transfer of wealth from the American people to China.
4) According to a new study conducted by the Economic Policy Institute, if the U.S. trade deficit with China continues to increase at its current rate, the U.S. economy will lose over half a million jobs this year alone.
5) The United States has lost approximately 42,400 factories since 2001.
6) The United States has lost a staggering 32 percent of its manufacturing jobs since the year 2000.
7) Even high technology industries are leaving America. Manufacturing employment in the U.S. computer industry is actually lower in 2010 than it was in 1975.
8- In 1959, manufacturing represented 28 percent of all U.S. economic output. In 2008, it represented only 11.5 percent.
9) As of the end of 2009, less than 12 million Americans worked in manufacturing. The last time less than 12 million Americans were employed in manufacturing was in 1941.
10) With so much manufacturing leaving the United States, is it any wonder why people can’t find jobs? The “official” unemployment rate in the United States has been at nine and a half percent or above for 14 consecutive months.
11) Today, there are at least 1.5 million “99ers” – those Americans who have completely exhausted all 99 weeks of unemployment benefits and that still do not have jobs.
12) Our dependence on foreign oil also represents an absolutely shocking transfer of wealth from the American people to the oil exporters of the Middle East. Back in 1980, the United States imported approximately 37 percent of the oil that we use. Now we import nearly 60 percent of the oil that we use.
13) Energy imports account for about approximately one-fourth of the U.S. trade deficit.
14) In states such as Mississippi, people spend approximately 6.35 percent of their incomes just on gasoline, according to a recent report by the National Resources Defense Council.
15) Americans end up paying to support American workers one way or another. Either they buy American-made products and services that provide jobs for American workers, or they pay to support unemployed American workers on welfare. Today, more than 42 million Americans are on food stamps. A record number of Americans are receiving long-term unemployment benefits. One way or another, Americans are going to pay to take care of American workers.
16) The U.S. trade deficit is running about $40 or $50 billion a month in 2010. The United States spends 40 to 50 billion more on goods and services from the rest of the world each month than they spend on goods and services from us. That means that by the end of the year, approximately half a trillion dollars (or more) of our wealth will have left the United States for good.
17) All of this wealth leaving the United States is having a huge impact on the standard of living of average Americans. Ten years ago, the United States was ranked No. 1 in average wealth per adult. In 2010, the United States has fallen to seventh.
18) It is now just a matter of time until India is going to pass us as an economic power. In fact, the economy of India is projected to become larger than the U.S. economy by the year 2050.
19) It is now being projected that China will soon dwarf us as an economic power. One prominent economist now says that the Chinese economy will be three times larger than the U.S. economy by the year 2040. According to one recent study, China could become the global leader in patent filings by next year.
20) China has been accumulating a gigantic mountain of dollars from all of the wealth we have been sending them each month, and they have been lending massive amounts of money back to us. Over the past few decades, the communist Chinese have been able to accumulate approximately $2.5 trillion in foreign currency reserves, and the U.S. government now owes them close to $900 billion. We constantly have to send top government officials over there to beg them to continue to lend us money. This is a direct threat not only to our financial system, but also to our national security.
Judging from Obama’s comments in Mumbai, he is well aware globalism means a diminished economic prospect for the U.S., but he still embraces it.
“This will keep America on its toes,” Obama told the town-hall meeting in India. “America is going to have to compete. There is going to be a tug-of-war within the U.S. between those who see globalization as a threat and those who accept we live in an open integrated world which has challenges and opportunities.”
The facts speak for themselves people. We cannot allow this to happen.
Well it looks like the Supreme Court now has something worthwhile to look at, while deciding Barry Soetor’s AKA Barack Obama’s legal birthright. Documents have been found to substantiate his legal birthplace. No longer can the Supreme Court hide from it’s responsibilities and protect an illegal President. I have said all along this man was a phony and just found some proof. The Supreme Court must act responsibly and without pause to remove the phony without delay, as The Constitution of the United States dictates.