U.S. Trade Deficit Hits All-Time High
"The U.S. trade deficit unexpectedly rose to an all-time high in October as oil shipments soared and the United States set deficit records with China, Europe, Canada and Mexico.
The Commerce Department reported that the gap between what America sells overseas and what it imports rose by 4.4 percent in October to $68.9 billion, surpassing the old record of $66 billion set in September.
So far this year, the trade deficit is running at an annual rate of $718 billion, far surpassing last year's $617.6 billion imbalance. Critics say the soaring deficit is evidence that President Bush's policy of pursuing free trade deals around the world is not working".
George W. Bush, just like his father and Ronald Reagan before him, have given us nothing but record budget deficits
every single year those three were in office. Currently the national debt is at $8.1 trillion and over 90% of that $8.1 trillion is
directly attributable to the period when they sat in the White House.
On the other hand, Bill Clinton had four consecutive budget surpluses in his 8 years in the White House and over that 8 year period, actually had an overall surplus, not adding a dime to that debt.
Now we have an astronomical trade deficit that will surely exceed $700 billion this year after Bush's record $618 billion deficit from last year. And you can see from the chart here the trade deficit has more than doubled under Bush and the Republicans in the last five years.
We also learned last month that George Bush in five short years in office has borrowed more money from foreign countries than the previous 42 presidents
COMBINED.
All this good news and real wages continue to fall under Republicans. Last year, wages
decreased 1.6%.
Yep, I'll tell you, life sure is wonderful when Republicans are managing our money and the economy, isn't it?
U.S. Trade Deficit Hits All-Time High
Now we have an astronomical trade deficit that will surely exceed $700 billion this year after Bush's record $618 billion deficit from last year. And you can see from the chart here the trade deficit has more than doubled under Bush and the Republicans in the last five years.
We also learned last month that George Bush in five short years in office has borrowed more money from foreign countries than the previous 42 presidents COMBINED.
All this good news and real wages continue to fall under Republicans. Last year, wages decreased 1.6%.
Yep, I'll tell you, life sure is wonderful when Republicans are managing our money and the economy, isn't it?
