Ballooning trade deficit starts to cause worries
Blame the foreigners. That is a time-tested political tactic in America, and this year is no exception. With the job outlook uncertain, protectionist winds are blowing. President Bush last week blasted European subsidies for Airbus, which has replaced Boeing as No. 1 in commercial jets. Sen. John Kerry has focused more of his fire on "Benedict Arnold CEOs," executives who send American jobs overseas. Those campaign positions both reflect and obscure a reality that neither candidate shows much sign of addressing seriously, the large American trade deficit. In going after Europe, Bush may be on to something. The United States' trade position with Europe has deteriorated almost as much as its position with China since the elder George Bush was in the White House. But no one claims cheap labor is Europe's secret. In 1992, the United States had a trade surplus of almost $9 billion with the 15 countries that formed the European Union until it expanded earlier this year, and a deficit of $18.3 billion with China. The latest figures, for the 12 months through June, show a deficit of $99.8 billion with the EU 15 and $138.7 billion with China. [more 
]
]