Don’t Count on Increasing Exports to Boost Our Economy April 11, 2014Posted by geoff in News.
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?
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.