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Government Cover-up of the Cannibalization of the U.S. Economy in the Making

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This article discusses a proposal "that factoryless goods producers (FGPs) be classified" as manufacturers, which will dramatically alter the way government keeps statistics on domestic industries. If adopted, starting in 2017 this will enable future U.S. administrations to cover up the cannibalization of our economy. This cannibalization has been going on for at least 4 decades as a result of the unresponsiveness of U.S. administrations to our increasing trade deficits.

Faced with the prospects of even larger trade deficits resulting from the Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment (TTIP), the current administration is prompted to take preemptive measures by proposing to distort manufacturing statistics that could have widespread and distorted implications.
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A seasoned financial professional, currently providing subject matter expertise on a variety of regulatory topics, including the Dodd-Frank Act, the Foreign Account Tax Compliance Act (FATCA) and overall compliance monitoring. He has previously held (more...)
 
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