The Obama administration’s ill-conceived energy policies and appeasement of China and Japan are responsible for this jump in the trade gap and the slow pace of economic recovery.
Household spending has recovered but too many consumer dollars pay for imported oil and consumer goods and cars from China and Japan. Whereas consumer spending is up 16 percent, the trade gap has jumped 36 percent.
Businesses, consequently, remain pessimistic about demand in the U.S. market and reluctant to invest. With the majority of U.S. businesses subject to higher personal, as opposed to corporate rates, more onerous and costly regulations and paying more for employee healthcare, they remain reluctant to hire and continue to offshore jobs.
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