http://www.bloomberg.com/apps/news?pid=20601103&sid=avHr8Sl6S6F0
U.S. Economy: Trade Deficit Widens to a Record (Update4)
By Joe Richter
Oct. 12 (Bloomberg) -- The U.S. trade deficit unexpectedly widened to a record $69.9 billion in August on a jump in imports that pushed the shortfall with China to an all-time high.
The deficit rose 2.7 percent from a $68 billion gap in July, the Commerce Department said in Washington, and exceeded the highest estimate in a Bloomberg News survey of economists. U.S. companies imported more computers, consumer goods and oil even as they shipped a record amount abroad."
When this is included in the mix, this so-called budget decreasewill be wiped out big time.
(http://www.bloomberg.com/apps/news?pid=20601103&sid=ayz2lT5LTkxc)
Do you suppose they wanted to leave some dots for us to connect?
You might be interested in reading the caviats that accompanied the budget deficit reduction news as reported by Bloomberg.com
2006-10-14 11:03:49 · 7 answers · asked by Anonymous in Politics & Government ➔ Politics
Bloomberg is the leading global provider of data, news and analytics.
2006-10-14 11:05:15 · update #1
In your rant, maybe I missed something? Like the Dow hitting four record highs in a two week span? Oh, sorry... you sound like a Bush/Republican hater and I didn't mean to rain on your parade. I"ll leave now and let you get on with your hatred.
2006-10-14 11:09:51 · answer #1 · answered by Anonymous · 1⤊ 1⤋
There is no such thing as a neo-Republican. Perhaps you meant neo-Conservative, which in its true meaning is a liberal who has converted to the conservative cause.
There are many factors that go into a healthy or a sick economy. You cannot look at one factor and say the whole economy is bad. Yes, the trade deficit is high, but that is always the case in our post-industrialized society. Overall the US economy is not based on the production of goods, but rather the production of services. This is why the trade deficit is high.
The stock market is another economic indicator. This last week, it broke it highest close record 4 times and it's higher now than in was in the 1990s.
Unemployment is also another indicator. Right now US unemployment us just about 4%, which is the lowest it's been in about 25 years.
Consumer spending is also up, due to tax cuts.
The economy is healthy, don't look at just one part of it, but the whole. And don't use only one resource as your guide. Who are these economists? How many were questioned, what was the margin of error in the survey?
2006-10-14 18:12:50 · answer #2 · answered by East of Eden 4 · 1⤊ 0⤋
Why don't you give us the whole picture.......
Again from Bloomberg..........
The U.S. recorded a budget deficit of $248 billion in the fiscal year ended Sept. 30, $48 billion less than the government predicted in August and the narrowest spending gap since 2002.
Revenue increased 12 percent from the previous fiscal year, led by a 27 percent gain in corporate income taxes, the Treasury said today in Washington. Spending rose 7.4 percent to a record $2.65 trillion.
President George W. Bush said he has met his goal of cutting the deficit in half ``three years ahead of schedule.''
The smaller deficit is evidence that ``pro-growth policies work,'' Bush said at a press conference today in Washington. ``Good tax policy has a lot to do with keeping the economy strong.''
Bush deficit cutting goal was to halve the deficit from the $521 billion his administration projected in February 2004. The actual deficit that year was $413 billion.
Bush is also delivering early on his promise to cut the deficit below 2 percent of gross domestic product, down from 3.6 percent in 2004.
2006-10-14 18:17:27 · answer #3 · answered by missourim43 6 · 3⤊ 0⤋
Your neighbor has a garage sale, you buy a bunch of stuff.
There is now a trade deficit between you and your neighbor. Is he obligated to buy stuff at your garage sale to clear the deficit?
NO! Trade deficits mean one country is buying more stuff from the other.
2006-10-14 18:39:57 · answer #4 · answered by rjf 3 · 1⤊ 0⤋
Try the fact that the national debt has risen 6 trillion in just over 5 years of republican ran politics
2006-10-14 18:11:05 · answer #5 · answered by lifetimefamily 4 · 0⤊ 2⤋
As far as I've heard our national debt has decreased by 100 billion in recent years.
2006-10-14 18:06:18 · answer #6 · answered by Squawkers 4 · 1⤊ 3⤋
I guess the DOW at all time highs slipped past your brain cell also...
2006-10-14 18:14:26 · answer #7 · answered by Boredstiff 5 · 1⤊ 1⤋