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Spread this message with Digg, Del.icio.us, Reddit, or Stumbleupon, and subscribe to the RSS Feed to track articles Gorging Ourselves On Imports And DebtE-mail - editor@economyincisis.org |
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Motor vehicles again topped the import charts in 2005 with $142,842,000,000 ($142.8 billion) of imports according to recently released statistics from the US Department of Commerce. Fully 39% of US dollars spent on motor vehicles were spent on imports – not including those not counted as imports as produced domestically by foreign-owned parents. This represented a 6% increase in percentage consumption of motor vehicle imports by the US over 2004. Other notably high sectors included computer equipment import consumption, which rocketed to 79% imports, apparel consumption at 75% imports, and audio and video equipment at 90% imports. Technically, footwear ranked highest in terms of percentage of US consumption spent on imports at over 92%. Also, for the first time, semiconductor consumption in the US was over 50% imports as was communications equipment (53%). Consumption of imported pharmaceuticals increased 5% to 32% imports. Electrical equipment consumption increased 9% to 40% imports. The biggest dollar gainers in terms of additional total dollars spent on imports included motor vehicle parts imports, which increased over $8.4 billion ($71 billion total imports); communications equipment, which increased over $8.3 billion ($47 billion total imports); and manufactured petroleum and coal products, which increased over $7.4 billion ($62 billion total imports). Again, these figures do not take into account foreign-owned domestic producers. What does this mean for our country? Not only are we importing more total dollars and exporting proportionally less (our trade deficit continues increasing), but we are spending percentage-wise more and more of our dollars on imports. How can we pay for these imports? What are we selling other countries in exchange? We continue exporting raw materials, government debt, and title to our companies, but these are not renewable or infinite resources. Is it good policy to become more and more dependent on other countries? Should we be concerned that our own government forecasts show that higher paying manufacturing jobs will continue to disappear over the next decade only to be replaced by lower paying retail, hospitality, and healthcare jobs? Does it make sense that these are signals of economic strength or rather would a more responsible position be to question the impact of this trend and its portent for the future standard of living, quality of life, and national security of our country? Find the full list of imports at http://www.EconomyInCrisis.org/content/consumption. Click here to contact your Representative in Congress. Spread this message with Digg, Del.icio.us, Reddit, or Stumbleupon, and subscribe to the RSS Feed to track articles
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bradbrad says "Major problem" on 02/23/07
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How long can we continue this trend? Why is no one in politics or the media recognizing that this is a problem?
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