The New York Times published an op-ed by President Barack Obama on Friday to coincide with his trip to Asia. It was entitled "Exporting Our Way to Stability."  In the wake of Republican victories in the midterm elections prompted by high unemployment and massive deficit spending, Obama is falling back on his Export Initiative as an easy, low-cost solution to America's economic woes. But the numbers do not add up, nor is the international situation favorable to such an approach. If this is the best that Obama has to offer, the next election will still be fought amidst dismal economic conditions. The president will visit India, Indonesia, South Korea and Japan. The United States runs trade deficits with all of them, totaling $67.8 billion in goods last year and $116.8 billion in 2007 before the recession. These deficits need to be reduced as they are a drag on the U.S. economy, representing the use of American money (including from the stimulus program) to...(Read Full Post)