It is perhaps not surprising that, in a time when we have a President who claims to be saving us from the big spenders even as he doubles our national debt, we should be treated to such illogical claptrap as John F. Lawrence's Nov. 2 column, "Don't Panic Over the U.S. Trade Deficit."
Lawrence's premise is that deficits are really OK since a lot of people are benefiting from them and that most of the capital flows back to this country anyway. I guess Lawrence hasn't noticed what is happening in Mexico, where they are "enjoying the benefits" of international indebtedness.
It is, of course, true that many corporations are not hurt badly by these new developments, since they have the option of moving operations overseas or investing in foreign competitors. The problem is that when they close down domestic operations, they are virtually destroying the lives of millions of American families who do not have the same option.
Companies rationalize this by citing a moral obligation to stockholders, who have put up investment money, but they feel no similar obligation to employees, who have merely invested their lives. It is a cruel irony that companies that move operations overseas do it for the purpose of selling in the American market to those people that they have abandoned.