Essentially No Growth in Exports for 5 Years August 8, 2016Posted by geoff in News.
Brave words from our president, issued some 6 1/2 years ago:
In January, in his State of the Union speech, President Obama promised to double exports in five years. In his comments Wednesday, he said the United States must work to remove trade barriers and open new markets.
BARACK OBAMA: “Ninety-five percent of the world’s customers and fastest-growing markets are beyond our borders. So if we want to find new growth streams, if we want to find new markets and new opportunity, we have got to compete for those new customers, because other nations are competing for those new customers.”
Of course you recall that moment in January 2015 when, despite continually congratulating himself on the wonders of his tepid economic recovery, his promise to double exports was shown to be nothing but wishful thinking.
And since then, we’ve seen exports actually decline, such that we’ve had essentially no growth since 2011:
And these numbers aren’t even inflation-adjusted.