The point: Despite all the propaganda about exports being the future, the foreigners' share of the U.S. market is $500 billion more than America's entire share of the world market.
If, as we once did, we produced here all the manufactured goods we consume and gave up every other manufacturing market in the world, we would add millions of jobs and our gross domestic product would surge.
And it is not only traditional manufacturing where America is getting her clock cleaned.
In the critical items identified as "advanced technology products," the United States has been running a deficit with the world, beginning in Bush's second year, soaring from $16 billion in 2002 to $82 billion in 2010.
With China, the U.S. trade deficit in advanced technology products alone in the past four years has totaled more than $300 billion, with the 2010 deficit in ATP with China reaching an astonishing $92 billion.
Does it matter that manufacturing in America now accounts for one-tenth of our economy and one-tenth of our labor force, figures unseen since before the Civil War?
If you read the history of Britain in the industrial age, of America from 1865-1945 and of Bismarck's Germany, you will think it does. If you listen to the scores of thousands of economists, none of whom ever built a great nation, you may think it does not matter who produces what where.
Is it possible America could become again the dominant manufacturing nation she was from 1880 to 1980? Not only possible but easy to accomplish -- and within a decade.
Paul Otellini, CEO of Intel, has half the answer. "We should offer tax credits or a five- to 10-year tax holiday to companies, domestic or foreign, that want to set up or expand a factory in the U.S."
How would we finance it? As most foreign nations impose value-added taxes averaging 20 percent on U.S.-made goods that enter their countries, put a tariff of 20 percent on all foreign goods.
Hundreds of billions would suddenly pour into the U.S. treasury. Imports would slowly shrink. Production in America would soar.
That's how Hamilton, Madison, Clay, Lincoln, McKinley and T.R. did it, before America forgot how she became great.
To find out more about Patrick Buchanan, and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate web page at www.creators.com.
COPYRIGHT 2011 CREATORS.COM
Finally: Mississippi to Start Drug Testing Those Receiving Financial Aid Benefits | Heather Ginsberg