Since President Obama took office in 2009, exports to China have jumped almost 25% to just short of $104 billion. This is an indisputable sign that the economy is not only getting stronger but doing so in a sustainable fashion not reliant on a bubble. Since the GOP’s entire campaign strategy so far has been based on Obama’s supposed economic incompetence, this is terrible news for Mitt Romney. But great news for America. Such is the conundrum of modern-day Republican politics.
Any economist will tell you that exports are the lifeblood of a growing economy and that a trade imbalance is unhealthy in the long run. Of particular note has been our imbalance with China; we import hundreds of billions of dollars of product (446.65 bl last year alone) but until 2001, when China entered the WTO, the United States made very little headway in reducing that discrepancy. Of greater note is the fact that, after the recession, when the Obama administration’s “anti-business” policies began to take effect, our domestic manufacturing increased dramatically and the trade imbalance narrowed more than at any previous point in the last twenty years.
If this is the face of a faltering economy, the GOP has some grandiose economic theories and very little real world data to back it up. Add to this that Wall Street is making record profits and the stock market is closing in on its pre-recession highs and there is no substance to the accusations that Obama has “made the economy worse.” Another import piece of the economic puzzle is that instead of a quick fix, President Obama has taken a slower, more deliberate pace and focused on rebuilding the economy with systemic corrections. This means the market can weather fluctuations far better than before and that stability will only grow as the recovery matures.
While Republicans complain about fake uncertainty, the Democrats have quietly rebuilt the foundations we all stand on.
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