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Economy2: Who Owns You?
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Nov 14 2011 12:00 AM | eds in Ed's Articles
Quote
The reliance on foreign oil and
. . . its increasing price has raised havoc on the trade deficit in recent years.
In the years 2001 through 2010
. . . the U.S. imported $1.79 trillion’s worth of oil
. . . out of the total accumulated “trade debt” of $5.6 trillion.
In the later years, 2008, 2009, and 2010
. . . oil made up roughly half of our annual trade deficits,
. . . according to data from the U.S. Census.
In 2001 oil imports were only 20% of the trade deficit for the year.
Warren Buffett, of Berkshire Hathaway said in 2006,
. . . "The U.S trade deficit is a bigger threat to the domestic economy
. . . . . . than either the federal budget deficit
. . . . . . or consumer debt and could lead to political turmoil.
. . . Right now, the rest of the world owns $3 trillion more of us
. . . . . . than we own of them."
. . . its increasing price has raised havoc on the trade deficit in recent years.
In the years 2001 through 2010
. . . the U.S. imported $1.79 trillion’s worth of oil
. . . out of the total accumulated “trade debt” of $5.6 trillion.
In the later years, 2008, 2009, and 2010
. . . oil made up roughly half of our annual trade deficits,
. . . according to data from the U.S. Census.
In 2001 oil imports were only 20% of the trade deficit for the year.
Warren Buffett, of Berkshire Hathaway said in 2006,
. . . "The U.S trade deficit is a bigger threat to the domestic economy
. . . . . . than either the federal budget deficit
. . . . . . or consumer debt and could lead to political turmoil.
. . . Right now, the rest of the world owns $3 trillion more of us
. . . . . . than we own of them."
