As the U.S. economy struggles with a $15 trillion national debt, 9%
As the U.S. economy struggles with a $15 trillion national debt, 9% unemployment and a possible recession in Europe, President Obama will spend the next week in a place that could be part of the solution: Asia.
Since coming to office nearly three years ago, Obama has made clear his intention to focus U.S. foreign policy much more on the Asia-Pacific region he grew up in. His secretary of State, Hillary Rodham Clinton, recently called this “America’s Pacific Century.”
For good reason: More than half the world’s economic activity is in countries bordering the Pacific Ocean. More than 60% of U.S. exports went to the other 20 Asia-Pacific Economic Cooperation (APEC) economies last year, supporting about 4 million U.S. jobs.
The loose-knit organization of 21 economies includes six of the 10 largest U.S. trade partners: Canada, China, Japan, Mexico, South Korea and Taiwan.
So the president’s trip is mostly about expanding U.S. trade and continuing to grow its economy — something Obama is having more difficulty doing at home with an uncooperative Congress. Because of that, some have suggested he cut the trip short.
“The president is focusing on jobs at home by trying to create more international trade,” says Jim Bacchus, a former Democratic congressman from Florida and chief judge of the World Trade Organization. “It’s certainly the right place for us to focus much of our attention.”
This is VERY TELLING! Asia + US and back again!