Tip:
Highlight text to annotate it
X
i'm honored to welcome shared brown sanders are brown the uh... is owner
fmcg recent ohio uh... wanna burnings colleagues in another great progress of
the united states senate to the program senator brought up welcome good to be
backpacks patek argue with a spot to be in your studio and we do it but not
today but
so i'm going i'm glad you like it discuss funky but it's still so radio
studio that simulcast on t_v_ it's up alicia love was yes if review of this
progression
mister hart intensification inappropriate to overlook the taj mahal
it although it is a project on hold
well and not only that we all that uh... that's the that's the nice thing i'd
alright cannot serve that that mit romney we build up enough right weekly
actually did systems star that some of the commander sir to live within your
member month but in any case uh... speaking of built it
you've got this plan for of uh... national network for manufacturing
innovation jobs
and and this sort of thing tell us about this what we've been first of all we pay
go up things we know that
to create wealth either grow if you make it or you q
point out the ground and
uh... making you we don't we don't do as well making things he used to as a
nation nam
uh... we are all very productive manufacturing work force we are but not
nearly as many people working we don't make nearly as much of this country help
we lost we lost five million manufacturing jobs between two thousand
and two thousand two
but npr rescue we've grown back about five hundred thousand of those jobs in
immediate gilead to manufacturing they've had a good bit of it it doesn't
mean we
we don't turn our backs on blown
traditional manufacturing to kind of advanced manufacturing we need to do
we need obit more of a partnership between
you between the federal government local government and business and labor and
and universities send we've taken some steps
young star while the first place to the country to have something like this
uh... called national dada dada manufacture innovation is working with
carnegie mellon in pittsburgh in case western in cleveland younger counts
stayed in young talent local businesses and community colleges
uh... to begin at sort of a teaching hospital model where there's weather
service specialty that grows out of
they did it in the in the in the institution in the manufacturing
innovations center and then entrepreneurs grow out of that
hickory pecan adopted did give people shot to middle-class yeah yeah as it's
only a great thanks onto steve teen is uh... professor of economics australia
western
australian universities a
sort of a regular on our program
uh... and uh... earlier in the week begin our talking about
how there's basically these three
odd things that have to be in balance in a macro economy and you know that that
uh... sixty thousand foot view of an economy
one is the public sector whether it's in debtor whether it's in surplus
uh... you know the government sector the second is the private sector whether
it's in debtor and surplus and how it's doing
and the third is the balance of payments sector which is basically the trade debt
plus or minus anne deals that we have another country's investments we have a
broad things like that the bring money in a request by go up
and he made the point
that the reason why japan is relatively unaffected by eod biodata g_d_p_ ratio
of over two hundred percent
china is flirting with numbers at around that may be vastly more than that
they're at their quite opaque
but doing just fine thank you very much is because these three numbers have to
be in balance that that when you have a uh... national debt of sixteen trillion
at literally means that the sixteen trillion dollars in the private sector
that's in savings invested in that debt so there's a you know it's a double
entry booking but the plus or minus part is the trade deficit is surplus and
since the reagan administration we've had about a nine trillion dollar trade
deficit united states since we really start seriously flirting with global
free trade
that those countries that have a surplus like japan and china
are able to run huge deficits without it affecting them in fact are arguably to
their benefit rather than their detriment
um... they have all kinds of elbow room for government to do things that can
further enhance that
we never hear a conversation about our trade
and deficit relinquishing we happen to
uh... partly because it's a very good question and i think uh... i'm troubled
by that and it's been to republic but out of yours i remember during
the ross perot campaigns and he's not a guy
normally would use of modeling much of anything in terms of his policies
statuses
his his political thought and policies but he talked about sort of its when
death is that we face in the early nineties
budget deficit and trade deficit him week we know what that means it means
that jobs when you have
and i'd like for chris was always more along both but always warned the trade
deficit when you have
if you're selling a billion dollars more than you're bringing in
uh... to interview two countries who are selling more they're bringing in or
bring in more than i'm sure that bitter bitter uh... better vetoed exporting
eleven billion less than they're importing they end up
uh... your ticket clearly translates into jobs george bush the first
said that a billion dollar trade deficit
uh... is about thirteen thousand translates into about thirteen thousand
johnson you multiply that out to our hundreds of billions of dollars in trade
deficit in it
it's clear that if you're not selling enough in your buying a lot more
that over time died you reduce you've got a probably as you point out that
pressure points out
wound it means what conservatives are icing later about the budget deficit
only that half of it not to trade deficit that were paid at the chinese
herb were you know more borrowing money from china to pay this trade deficit
which in some sense
when many steps as we are
yeah and and and and when he was a surplus
actually gives would give us
the ability to not so much worry about a budget deficit because senility it all
has to do with
with the economy back you know and it's got a macro sense uh... super getting
maki on economics here
how can we change that dialogue alcoa yeah i know you talk about the trade
budget deficit the trade and the need for trade surplus
and how we can bring about a trade
deficit is there any kind of a caucus for the simple in in congress is their
own spirit it's exported
if there isn't there there's not really any kind of a car transport is a group
of us to talk about it there's a
larger group in the house when we when i was in the house special two thousand
sex
there were a couple of times when we almost defeated trade agreements
because um... mark coalition of thirty persons some pretty conservative
republicans it might've opposed
they were sort of more isolationist linden in nature and um... not that i'd
i didn't like kind of their approach i liked where they ended up in then there
was a group of progressives
he had a group of people just understood that
our country gets before we'd all make things and i think that
i think you're seeing whether they're seeing a renewed interest in focus in
manufacturing in the senate now
i don't think people see it in terms of trade policy as much as we should
but um... there is uh... i think you'd notice when you're buying things people
do pare their trumpeting more made america when it is
there are some policies in this country more that way coming out of congress but
but more tokenism then something for real but i've always found the country
has been in a different place from trade in congress but i remember years ago
trent lott said uh... grew republican very pro-free trade leader in the such
mississippi's set
said we can tweak it we have to pass trade agreements and odd numbered years
weekend ever passed a mini-van bird cerska reelection which if that doesn't
tell you about him research his forehead right you know i think the average
american is is uh... you know can remember herb
most people are old enough to remember a time when
most goods bought in america were actually made in america and it's
certainly not the case now and people know that there's something just
intrinsically intuitively wrong with that gave me a little less than a lot of
talk radio comic same time it happened
it happened hits at the reagan years and it was beginning to happen before that
nineteen seventy-three you're you're right about that one of the country
nineteen seventy three
if you look from seventy three
on sense than uh... workers should continue to be more productive uh... we
had a trades surplus par seventy three so six trade deficits actually started
in seventy three
particles of oil but other things
orcas a bit more more productive
profits of generally been up in wages have been stagnant or worse now that's
partly because of the quiet of unionism treaties with other things too but
that's really been the time that we cannot grow this economy and what with
the economy growing we cannot
not spread it around to those who are the most productive workers referrals
senator shared brown brown dot senate dot gov this website trip and icons will
thank you sir at the back to the fact that they hadn't