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10 November 2004

Is the US in decline?

U.S. Moving From First to Third World
Paul Craig Roberts

In the early 1980s, when I was assistant secretary of the treasury, the U.S. trade deficit was due to oil imports. Currently, the U.S. deficit in manufactured goods alone is 3.5 times our oil imports. Our trade deficit in vehicles is nearly equal to our deficit in oil, and our deficit in clothing, ADP equipment, office machines, TV and VCRs is 1.5 times our oil import bill. The United States is ceasing to be a manufacturing country. America has a trade deficit in almost every manufacturing product.


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