Bush's Bungling Continues: Trade Deficit Hits Record $665.9 Billion

[The Greatest Genius of All Time]

Bush leads America to economic suicide:

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Trade Deficit Hits Record $665.9 Billion

By Martin Crutsinger, The Associated Press
Published: March 16, 2005

WASHINGTON - The United States deficit in the broadest measure of
international trade soared to an all-time high of $665.9 billion in
2004, showing in stark terms the speed with which the country is
becoming indebted to the rest of the world.

The Commerce Department reported Wednesday that the shortfall in the
current account was 25.5 percent higher than the previous record, the
$530.7 billion deficit set in 2003. The department also noted that the
deficit was worsening as the year ended with the shortfall in the fourth
quarter hitting a record $187.9 billion, up 13.3 percent from the third
quarter deficit.

The Bush administration contends the soaring trade deficits reflect a
U.S. economy that is growing faster than the rest of the world, pushing
up imports and dampening demand for U.S. exports. Private economists are
worried that the huge level of resources being transferred into the
hands of foreigners will eventually result in lower U.S. living standards.

The Commerce Department said construction of new homes and apartments
rose by 0.5 percent to a seasonally adjusted annual rate of 2.195
million units in February, the fastest pace in 11 years.

Construction of single-family homes hit an all-time high of 1.775
million units, up 0.3 percent from January, and multi-family
construction was up 1.7 percent to 420,000 units.

Analysts believe the housing sector, which has set sales records for
four straight years, will begin to cool this year under the impact of
rising interest rates.

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http://www.sacunion.com/pages/business/articles/3324/

Did you catch the part about lowering U.S. living standards?

Thank you, George W. Bush and your Republican Toadies!

****
Genius