Obama Asia Trip Flops; Imperialist, Domestic Rivals Add to Trade, Fiscal Woes
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Huge deficits in foreign trade and the federal budget are hampering U.S. imperialists’ ability to pay for the widening wars they need. The trade gap sucks $44 billion out of the U.S. every month, as the U.S. imports more than it exports. The federal budget deficit jumped from $960 billion in 2008 to $1.42 trillion in 2009. The growing division among U.S. capitalists, evidenced by the Tea Party phenomenon and its proclaimed “anti-tax” and “anti-big government” advocacy, makes it more difficult for the rulers Obama represents to tackle the federal deficit in the U.S.. Meanwhile, the total cost of U.S. military operations in Iraq and Afghanistan (and now Yemen and Pakistan) has topped $3 trillion.
Obama’s recent Asia trip, intended to address the trade problem, was a failure. “Confidence in U.S. global economic leadership continues to wane,” was how the Council on Foreign Relations (CFR), U.S. imperialism’s top think-tank, summed up the G20 summit. (CFR website, 11/12)
Seoul G20 Meeting Showed Imperialist Rivalry Driving Force in World
Open conflict prevailed in Seoul. Chinese and U.S. bosses charged each other with devaluing their currency to boost exports. “A 7.5 percent drop in the dollar over the past four months is making American goods cheaper overseas as demand in emerging economies propels sales for companies like General Electric Co.” (Bloomberg, 11/11/10).