Would someone please explain to me how all of this is supposed to be good for our country. While I'm at it, I urge all my friends here on ET to become more informed on these and all the other critical issues facing our nation. One, For instance, would be to watch more CSPAN and other independent journalistic avenues. All avenues though, require sorting through the rhetoric to get at the facts. The following posts are 3 lists of sobering facts: This source is EconomyInCrisis.org Btw, the sources are a bit outdated... The situation is obviously worse.
Foreign Ownership of US Domestic Industries Code: [b] This data comes from IRS (Internal Revenue Service) - Current as of 2002 (latest data available) Foreign ownership refers to ownership of assets of a particular industry by foreign controlled domestic U.S. Corporations (FDC) 50% or more owned by a foreign entity. FOREIGN OWNERSHIP OF SPECIFIC U.S. INDUSTRIES INDUSTRY PERCENTAGE FOREIGN OWNED Sound recording industries 97% Commodity contracts dealing and brokerage 79% Motion picture and sound recording industries 75% Metal ore mining 65% Motion picture and video industries 64% Wineries and distilleries 64% Database, directory, and other publishers 63% Book publishers 63% Cement, concrete, lime, and gypsum product 62% Engine, turbine and power transmission equipment 57% Rubber product 53% Nonmetallic mineral product manufacturing 53% Plastics and rubber products manufacturing 52% Plastics product 51% Other insurance related activities 51% Boiler, tank, and shipping container 50% Glass and glass product 48% Coal mining 48% Sugar and confectionery product 48% Nonmetallic mineral mining and quarrying 47% Advertising and related services 41% Pharmaceutical and medicine 40% Clay, refractory, and other nonmetallic mineral products 40% Securities brokerage 38% Other general purpose machinery 37% Audio and video equipment mfg and reproducing magnetic and optical media 36% Support activities for mining 36% Soap, cleaning compound, and toilet preparation 32% Chemical manufacturing 30% Industrial machinery 30% Securities, commodity contracts, and other financial investments and related activities 30% Other food 29% Motor vehicles and parts 29% Machinery manufacturing 28% Other electrical equipment and component 28% Securities and commodity exchanges and other financial investment activities 27% Architectural, engineering, and related services 26% Credit card issuing and other consumer credit 26% Petroleum refineries (including integrated) 25% Navigational, measuring, electromedical, and control instruments 25% Petroleum and coal products manufacturing 25% Transportation equipment manufacturing 25% Commercial and service industry machinery 25% Basic chemical 24% Investment banking and securities dealing 24% Semiconductor and other electronic component 23% Paint, coating, and adhesive. 22% Printing and related support activities 21% Chemical product and preparation 20% Iron, steel mills, and steel products 20% Agriculture, construction, and mining machinery 20% Publishing industries 20% Medical equipment and supplies 20% FOREIGN OWNERSHIP OF MAJOR U.S. INDUSTRIES INDUSTRY PERCENTAGE FOREIGN OWNED Mining 27% Information 24% Manufacturing 20% Professional, scientific, and technical services 20% Finance and insurance 11%[/b]
Foreign Financing of US Government Debt Code: [b]This data comes from US Federal Reserve - Current as of September, 2005 Total foreign ownership of US Federal deficit currently stands at 45% as of end of first half of 2005 COUNTRY OWNERSHIP OF U.S. GOVERNMENT DEBT Japan $687.3 Billion China $252.2 Billion United Kingdom $182.4 Billion Caribbean Banking Centers $102.9 Billion Taiwan $71.8 Billion Germany $63.5 Billion Korea $61.7 Billion OPEC $54.6 Billion Hong Kong $48.1 Billion Canada $47.8 Billion Grand Total $2.0655 Trillion Conclusions: * Foreign sources financed 54% of US Federal deficit in 2002, 73% in 2003, and 99% in 2004 * Total foreign ownership of US Federal deficit currently stands at 45% as of end of 1st half of 2005 * The US Government currently owes Japan $687 Billion, China $252 Billion, and Korea $62 Billion - together $1.0 Trillion * The US Government currently owes $2.0 Trillion to foreign lenders[/b]
Percentage of US Consumption Spent on Foreign Goods Code: [b] This data comes from US Bureau of Economic Analysis (US GDP Output by Industry and Commodity) - Current as of 2003 (lastest data available) CATEGORY DESCRIPTION CONSUMPTION Apparel and leather and allied products 64% Computer and electronic products 45% Miscellaneous manufacturing 39% Electrical equipment, appliances, and components 36% Machinery 32% Transportation Equipment 32% Primary metals 24% Furniture and related products 23% Chemical products 22% Textile mills and textile product mills 21% Wood products 16% Nonmetallic mineral products 15% Fabricated metal products 12% Paper products 11% Petroleum and coal products 11% Plastics and rubber products 11% Food and beverage and tobacco products 6% Printing and related support activities 5% Subtotal - Manufactured Goods 24% The subtotal percentages represent a weighted average of the above components Oil and gas extraction 45% Mining, except oil and gas 6% Subtotal - Oil, Gas, and Mining 39% The subtotal percentages represent a weighted average of the above components Examples of how to read these figures (current as of 2003): * $1 in $4 American dollars spent on manufactured goods goes directly to imports * America imports 45% of its oil and gas * More than 2/3 of apparel goods are imported * Nearly 50% of computer and electronic products are imported * 1/3 of our transportation equipment is imported (plus consumption of US domestic production that is actually owned by foreign corporations)[/b]
its not a problem. just remember what happened to the japanese in the 80s. they paid top dollar for properties and during the next downturn we bought them back for much less.
I started in this business in 1990, since then I have been ceaselessly told that (1) the consumer is about to collapse, (2) the CA deficit will be the end of the wordl, (3) the budget deficit will be the end of the world. The Japanese will buy us out, the Koreans will buy us out, the Chinese will buy us out, in that order. And of course there was the recent outsourcing hoopla. http://www.foreignaffairs.org/20040501faessay83301-p0/daniel-w-drezner/the-outsourcing-bogeyman.html cheer up
Hi and thank you for the link. Did you see the list he provided as sources? Not exactly independent I think. kt
The article shows that they actually have, we don't own entire industries any more. 3 mln jobs were created during the last 5 years, primarily due to a heavy increase in the government's discreationary and military spending. Compare it with the fact that Carter created 8 mln new jobs during his four years, let alone Reagan and Clinton. So maybe "the recent outsourcing hoopla" is completely justified after all?
And yet as a country, we are enjoying low inflation, longer and stabler economic expansions. We get richer and richer as a nation. Where is the problem?
I think as a nation, we are far better off than we were when Carter was president. As a side note, High oil prices haven't slowed the economy.