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The Export Imperative

by Howard F. Rosen, Peterson Institute for International Economics

Testimony prepared for the Senate Finance Committee Subcommittee on International Trade
December 9, 2009

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The United States has accumulated a large amount of debt due to decades of consuming more than it produces. In order to avoid another financial crisis and recession, it is imperative that America produce more than it consumes and increase the amount of goods and services it exports. Achieving these two goals will require significant private investment in plant, equipment, and technology in order to boost exports, Howard Rosen's tells the Senate Finance Committee Subcommittee on International Trade. Such financing can be made available by increasing national saving, raising private saving, and eliminating the government budget deficit. An increase in US exports will cause companies to expand production and create new high-wage jobs in America. This will raise incomes, enabling Americans to consume more domestic goods and services.


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