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Kaptur Statement on Latest Budget and Trade Deficit Numbers

Date: March 11, 2005
Location: Washington, DC
Issues: Trade


KAPTUR STATEMENT ON LATEST BUDGET AND TRADE DEFICIT NUMBERS
Mar 11, 2005

WASHINGTON-Congresswoman Marcy Kaptur (OH-9) released the following statement today on the announcements of the largest one-month budget deficit in U.S. history and the second-largest trade deficit in history:
"The Commerce Department has just reported the latest economic news and the trade deficit figures, and the story is not good. Even though it's the second highest monthly deficit on record, the underlying numbers are even worse. This means thousands more jobs lost.

"The record trade deficit in January increased to $58.3 billion, as imports coming into our country swamped our exports going out. That means more good U.S. jobs are being off-shored to China, to India, to Latin America, jobs everywhere but here in the United States.

"As usual, the largest deficit with a single country was recorded with China, an imbalance of $15.3 billion, the third biggest imbalance on record.

"There are still more than a third of a million people in Ohio who can't find a job. We have record trade deficits, record budget deficits, as these numbers indicate today, unemployment, people who cannot get unemployment benefits, and soaring gas prices at the pump. It sounds to me like we are trading away America's economic independence."

http://wwwc.house.gov/kaptur/PressRelease.aspx?NewsID=1356

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