The following report is from the Trends Journal:
The U.S. trade deficit expanded 3.1% in May from the month before, totaling $71.2 billion, the U.S. commerce department reported.
The country imported 1.3% more, totaling $277.3 billion, and exported just 0.6% more, worth $206 billion.
The U.S. brought in more crude oil, lumber, and other industrial raw materials, and also more food and beverages; exports lagged as politicians in foreign lands shut down some geographic regions as COVID infections have recurred.
The deficit shrank in April when supply-chain disruptions pinched harder but the logistics jam eased somewhat in May.
TREND FORECAST: With manufacturing accounting for just 10.8%of America’s Gross Domestic Product, the nation’s trade deficit will remain wide. In 1989, before NAFTA and bringing China into the World Trade organization, some 18 million Americans were employed in the manufacturing sector. Since then, nearly 6 million jobs have been lost in that sector.
And the new jobs being created are in the lower paying box store, fast food, restaurant/hospitality service sectors. Thus, there will be a continuing decline of America’s middle class, which will in turn result in fewer people buying homes and an increase in home and apartment rentals.
AUTHOR COMMENTARY
The rich ruleth over the poor, and the borrower is servant to the lender.
Proverbs 22:7
The Trends Journal report did not say it, but this is a new high. The last we reported on it the record was $71.1 billion.
The WinePress has done several reports already on the trade deficit (this one being the fourth time); one in February, one in March, and one in April. A crucial fact to note from those reports is that under President Trump, the deficits were already rising prior to 2020. And yet, we were being told that the economy was one of Trump’s crowning achievements and all this propaganda about the “art of the deal.” It was all smoke and mirrors, while big business only ascended to new heights, and 2020 to now is unprecedented, as the little guys got pinched; all while Trump was bailing out the farmers in 2019, for example, and moreover in 2020.
And what is happening now is Trump simply passed the driver’s keys over to the Biden Administration who keep the useful idiots in the Democratic party on a never-ending roller coaster ride of taxing the rich, debt forgiveness, stimulus, etc., only to spin around and do the opposite.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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They are dumping the worthless dollar as it starts to hyper inflate. This is to be expected, and will only worsen. They have to collapse the system, to bring in the solution. Remember, all the world’s governments use the same system of fiat control.
.\\itch – Six thousand years of war, dictators, and genocides haven’t made the slightest dent on the collective conscience of mankind. Peter Ruckman
Precisely