Romney was aggressive. Obama seemed to not show up.
The talking heads, and the Tweets, and the pundit bluster, and the eye catching headlines surround us on the morning after.
But the economy loses.
Neither candidate addressed the massive outflow of U.S. dollars due to the trade deficit.
Or the industries we’ve lost because of unfair trade, currency manipulation, state owned enterprises, foreign border taxes.
Or the astounding loss of tax revenue that we could have used to fix the budget deficit, but for the loss the industry supply chains and jobs.
Or the connection between unemployment and the loss of those industries.
If Romney cuts taxes but closes loopholes so the government gets the same revenue… so what? Taxpayers pay the same and we still don’t have balanced trade and a sustainable economy. No net benefit.
If Obama doubles exports in five years, starting from the 2009 aftermath of the Great Recession… so what? Imports grow more and the trade deficit gets worse. No net benefit.
This is the chart that should be front and center in the debates.
The red area is the year-on-year open wound in our economy. The gushing of blood, cash, jobs and economic sectors.
If the next president gets rid of the red – cauterizes the wound – then the growth, jobs, tax revenue and innovation will largely take care of itself. We will heal.