So if the real problem is the trade deficit, not the budget deficit, why are Congress and the White House fixated on spending rather than trade? Because turning a trade deficit into a surplus could be harmful to the ruling class and the superrich whose investments are spread around the globe. Congress intends to correct the budget deficit, on the other hand, by hammering the middle class and the working poor, slashing Social Security and Medicare. This even though that deficit could be eliminated over time if a few adults sat down and negotiated around a table. Unfortunately, adults are in short supply in Washington.
Why jobs keep vanishing
Generations of politicians from both parties have failed to stem the country's rising trade deficit. That's the real reason jobs keep disappearing and workers' living standards keep dropping.
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Chat live with Donald L. Barlett and James B. Steele at 1 p.m. Monday at www.philly.com
Donald L. Barlett and James B. Steele are contributing editors at Vanity Fair. They have worked together for four decades, first at The Inquirer (1971-1997), where they won two Pulitzer Prizes and scores of other national journalism awards, then at Time magazine (1997-2006), where they earned two National Magazine Awards, and since 2006 at Vanity Fair. They have also written seven books, including the New York Times No. 1 best-seller America: What Went Wrong?, an expanded version of the 1991 Inquirer series. Both live in Philadelphia. E-mail the writers at info@barlettandsteele.com.
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