Excluding Oil, The US Trade Deficit Has Never Been Worse

Remember when in January 2010 Obama promised that he should double US exports in five years in a bid to collapse the US trade deficit? Not only that, but in his 2010 SOTU address, Obama doubled down by saying "It’s time to finally slash the tax breaks for companies that ship our jobs overseas and give those tax breaks to companies that create jobs in the United States of America."
Back then, Jennifer R. Psaki who was still a simple White House spokesperson, said that the White House "had been working for several months on a policy to increase exports. She said the plans included the creation of an export promotion cabinet and steps to help small and medium-size businesses tap markets in other countries. "
Well, it isn't quite five years later (he still has six months), but we doubt that anyone would have expected what the outcome of Obama's export boosting campaign would be. We show it below in the following chart which captures the US trade deficit, excluding oil.


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http://www.zerohedge.com/news/2014-07-04/excluding-oil-us-trade-deficit-has-never-been-worse