Ideal Taxes Association

Raymond Richman       -       Jesse Richman       -       Howard Richman

 Richmans' Trade and Taxes Blog



Jobless Claims Up -- Ray and I were published on the American Thinker blog this morning
Howard Richman, 12/20/2013

We discuss the rising Jobless Claims numbers and the reports of hospital layoffs and conclude:

If ObamaCare is driving the layoffs and a decline in consumer spending, then it may turn out, once all the statistics are in, that an ObamaCare recession began at the beginning of December.

To read the posting, go to:

http://www.americanthinker.com/blog/2013/12/jobless_claims_up.html

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Why are we letting China buy American Companies?
Howard Richman, 12/17/2013

Tradereform.org notes that the New York Post featured an excellent commentary by Diane Francis on December 15 entitled Why are we letting China buy American Companies?. It's about a Chinese company's purchase of U.S. pork producer Smithfield Foods of Virginia. Francis predicts the following:

Smithfield has become the branch plant of its new proprietor — a holding company called Shuanghai International Holdings Limited, the biggest meat processor in China. But the ultimate beneficial owner is the Chinese government, and Shuanghai answers to the politics, policies and edicts of Beijing. This is the nature of “China Inc.”

The Smithfield buyout is a great loss because the company has become a huge exporter, to Japan and elsewhere, and has developed, with taxpayer assistance, systems and technologies that are best in class....

The damage includes the fact that Smithfield’s technology, research and development and patents will be transferred to the Chinese parent company. Smithfield will be hollowed out and the head office will be moved to China. Talent will leave.

Francis' concern about the loss of American technology is valid and important. And there is another important concern....

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The Media Silence on the Explosion in Unemployment Insurance Claims
Raymond Richman, 12/14/2013

In the week ending December 7, the advance figure for seasonally adjusted initial claims was 368,000, an increase of 68,000 from the previous week's revised figure of 300,000. The advance number of actual initial claims unadjusted, totaled 461,422 in the week ending December 7, an increase of 146,241 from the previous week. The 461,422 figure is consistent with an economic downturn.

Regular readers of this blog know that we believe the number of unemployment insurance claims filed is one of the most important indicators of economic activity and is the most up-to-date of any of the important indicators. Going into the recession of 2008-09, both the seasonally-adjusted and unadjusted figures were under 400,000 until July, 2008. They rose consistently throughout the remainder of 2008  and 2009, reaching numbers of 600,000+ in January, 2009.  ...

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Mixed Trade Report for October
Howard Richman, 12/4/2013

According to statistics just released by the Commerce Department, U.S. net exports improved slightly in October, though the three month trend is still downward. The best news is that net U.S. goods exports to China increased by $605 million for the year ending in October to a negative $320,419 million from a negative $321,024 million for the year ending in September.

A careful examination of the graph below shows that U.S. net goods exports to China stopped going down in 2013, after declining steadily throughout 2010, 2011 and 2012. 

 ChinaTradeThru1013.gif

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    Wikipedia:

  • [An] extensive argument for balanced trade, and a program to achieve balanced trade is presented in Trading Away Our Future, by Raymond Richman, Howard Richman and Jesse Richman. “A minimum standard for ensuring that trade does benefit all is that trade should be relatively in balance.” [Balanced Trade entry]

    Journal of Economic Literature:

  • [Trading Away Our Future] Examines the costs and benefits of U.S. trade and tax policies. Discusses why trade deficits matter; root of the trade deficit; the “ostrich” and “eagles” attitudes; how to balance trade; taxation of capital gains; the real estate tax; the corporate income tax; solving the low savings problem; how to protect one’s assets; and a program for a strong America....

    Atlantic Economic Journal:

  • In Trading Away Our Future   Richman ... advocates the immediate adoption of a set of public policy proposal designed to reduce the trade deficit and increase domestic savings.... the set of public policy proposals is a wake-up call... [February 17, 2009 review by T.H. Cate]