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Don’t Count on Increasing Exports to Boost Our Economy April 11, 2014

Posted by geoff in News.
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Just a few days ago we were all having a chuckle at the President’s rash promise to add 1 million manufacturing jobs in 4 years. It was the kind of the chuckle that comes with a few tears, since that failed promise was a central part of his plan to goose the US economy.

Looking at his promise to double exports in 5 years brings a similarly conflicted response. A major thrust of his economic plan, those exports were supposed to reach $281 billion by this November* (which will be reported in January 2015).

So how close are we?

ExportsRealityvsObamaArp2014

It may be hard to see the chart through the tears, so I’ll summarize. We’ve added $50 billion in exports since the President made his promise: we should have added $120 billion by now.

Don’t you think the President should have reacted in some way to the abject failure of a key part of his economic recovery plan?

*There’s a little question as to whether one should take exports in November 2009, since those numbers were available in January 2010 when President Obama made his statement) or in January 2010, when he actually said it. Exports were $140.5 billion in Nov09 and $143.7 billion in Jan10 (Stats here). We’re not anywhere close to doubling either number.

Comments»

1. geoff - April 11, 2014

Started tracking these stats and writing these posts a year and a half ago. In September 2012 exports were $187 billion. In February 2014 they were $190.4 billion. It’s really unbelievable how little progress we’ve made.

2. Lipstick - April 13, 2014

President Overpromiser and Underdeliverer.

3. Lipstick - April 13, 2014

And, Unaccountable.

4. Sobek - April 13, 2014

Obama’s Broken Promises are going to get a restraining order against Geoff for stalking. They will have some compelling evidence in their favor.

5. geoff - April 14, 2014

When we’re standing around burning trash in 55-gallon drums to fend off the cold, and the subject of how we let our prosperity evaporate comes up, at least no one will say, “how come geoff didn’t tell us unrelentingly and in excruciating detail that all of President Obama’s economic policies were poorly conceived and executed?”

Instead, I’ll be standing there roasting my rat, saying, “Haven’t I been telling you? I’ve been telling you!”

6. daveintexas - April 14, 2014

Can’t we export crushing depression?

7. Sobek - April 14, 2014

I think Michigan has the market cournered on that, Dave. How can anywhere else compete with such a high-quality, low-cost product?

Geoff, you gonna finish that rat?

8. Skinbad - April 14, 2014

Gopher, Everett?


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