This is the issue which ought to lie at the heart of the upcoming presidential race but won’t. That Obama set out to follow the same disastrous “free trade” policies as Reagan, the Bushes and Clinton is beyond my comprehension. If Hillary lacks the guts to cut free from her husband and her corporate backers on TPP, the rest of us will be well and truly fornicated.
When Ronald Reagan came into office, as the result of 190 years of Hamilton’s plan, the United States was the world’s largest importer of raw materials; the world’s largest exporter of finished, manufactured goods; and the world’s largest creditor.
After 34 years of Reaganomics, we’ve completely flipped this upside down. We’ve become the world’s largest exporter of raw materials, the world’s largest importer of finished goods, and the world’s largest debtor. We now export raw materials to China, and buy from them manufactured goods. And we borrow from them to do it. Our trade debt right now stands at over $11 trillion, and it’s the principal reason why one-seventh of all assets in the United States are foreign-owned.