America’s Trade Deficit Reaches A New Record High, As Jobless Claims Fall

On Thursday, August 12th, the U.S. Labor Department released the jobless claims for week ending August 7th.

People filing claims fell to 375,000, as the media declares that these numbers are near the “pandemic lows” – asserting that this is evidence of a recovering economy.

This equates to roughly over 3 fully-packed University of Michigan football stadiums.

America Still Losing The Trade War

The following report is from the Trends Journal:

The U.S. trade deficit expanded 6.7% in June from May to a record $75.75 billion, the U.S. commerce department reported, as a resurgent economy boosted demand for foreign-made goods while some sectors of the American economy have yet to return to pre-crisis strength. (See “Trade War? U.S. Lost It,” Trends Journal, 9 February, 2021.)

American exports grew 0.6% in June to $207.67 billion while imports reached $283.42 billion, the department said.

While the U.S. economy has surged, many developing nations have yet to recover from 2020’s lockdown, limiting their ability to buy U.S. goods and services, The Wall Street Journal reported.

Earlier this month, the International Monetary Fund raised its growth forecasts for western developed economies and cut its outlook for emerging markets, especially in Asia, due to the spread of the COVID virus’s Delta variant around the world.

TRENDPOST: China concentrates on business, while the U.S. spends its energies and assets on geopolitical maneuvering and intrigue.  Beijing has learned that lasting world power is more often won through economic might than with diplomats, bombs, or bullets. As we have forecast, the 20th century was the American century, the 21st will be China’s. The business of America has been war, the business of China is business.

We also note the trade deficit to illustrate the failure of the so-called “Trade War” that former President Donald Trump launched against China in 2016. Indeed, just as America has not won a military victory since World War II, by the numbers, so too have they lost the Trade War. 

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AUTHOR COMMENTARY

[26] Be not thou one of them that strike hands, or of them that are sureties for debts. [27] If thou hast nothing to pay, why should he take away thy bed from under thee?

Proverbs 22:26-27

It’s the same old song and dance as usual. The media and politicians want to keep spinning the narrative to make people think there is a semblance of a recovery, when there is obviously not with anyone with two eyes, ears, and a brain.

Moreover, (to the Trump supporters), are you tired of LOSING yet? The WinePress has been noting for months that the trade deficit has spiraled out of control, and had only INCREASED under Trump. It lowered with China, but that money then went to other nations, and then some.

And this report does not even give the full spectrum of how bad the economic damage has been. There is no way to keep up with it all, unless I were to do an outlet solely dedicated to economics…

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[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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