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"There is simply no credible way to present the largest deficit in history as good news. The Republicans control the House, the Senate and the White House, but today's news proves again they have failed to control the budget."
The U.S. trade deficit, propelled by a record foreign oil bill, surged to $54 billion in August, the second highest level in history. The politically sensitive deficit with China hit a new high as American retailers upped their orders for cell phones, toys and televisions...
...For the year, America's trade deficit is running at a record annual rate of $590 billion, 19 percent higher than the previous record, last year's $496.5 billion imbalance.
Originally posted by deeprivergal
The United States currently has a statuatory debt limit of 7.4 trillion dollars. Snow states that it is imperative that the debt limit of $7.4 trillion be increased by mid-November.
Originally posted by marg6043
Murcielago you must be very young,
When you have people like me with children in college and a husband that retired but are still working a full time job and a part time also you will see how bad things in this country truly are.
The American dream under bush administration is nothing more that a dream.
Originally posted by veritas93
I haven't seen anyone discuss just how economically disasterous the entire 9/11 event was for the US.
Originally posted by deeozz
The US economy is way worse than it appears. One significant thing noted in the report is that the National debt of roughly $7.4T is a serious understatement. That does not take into account anything beyond a decade from now. The report shows that US current long term liabilities in the next 75 years is $34.8Trillion and that's not even including the big bills past in the last week or the most recent tax cut or the huge prescription drug/Medicare bill.
Originally posted by deeozzThis is only one of many inaccuracies in the government's accounting methods. Not only that, but in 2003 we needed to borrow $1.3Billion a day www.atimes.com... from abroad just to finance our foreign debts. 42% of US Securities are held by foreigners-mainly Japan and China. China is likely our only hope in getting through this, if they were to revalue their currency, which all week they said they don't have plans of doing so.
Originally posted by deeozz
And the icing on the cake of our economy collapsing is that, in addition to having record deficits, record, national debt, record credit market debt, record foreign owned US securities, annual tax cuts, a fiscally irresponsible Congress & White House and inaccurate and understated accounting methods, in 2008, the begining of the bulk of the baby-boomers turn 62(eligible for Soc. Sec.) and in 2011 turn 65(Medicare). Be sure to write your congressmen and thank them for this!
Originally posted by deeozzWe're in deep crap!