by Patrick J. Buchanan – October 28, 2002

In August, the U.S. merchandise trade deficit – the value of goods we import, less the value of the goods we export – hit $42.3 billion, an all-time record for any nation. Our merchandise trade deficit is now running at $507 billion a year, nearly 5 percent of America’s Gross Domestic Product.

For every $1 billion in exports, Presidents Bush I and Clinton used to remind us, 20,000 jobs are created. A $507 billion trade deficit means 10 million production jobs lost to American workers. No, free trade is not free.