U.S. trade deficit hits all-time high

[Judi Lynn]

Nov. 10, 2005, 7:49AM

U.S. trade deficit hits all-time high
Foreign oil bill and Chinese imports set records
By MARTIN CRUTSINGER
Associated Press

WASHINGTON — The trade deficit soared to a record in September as the Gulf Coast hurricanes helped push America's foreign oil bill to an all-time high. The politically sensitive deficit with China also set a record.

The Commerce Department reported today that the deficit jumped to $66.1 billion in September, 11.2 percent higher than the $59.3 billion imbalance recorded in August. It was a far bigger increase than analysts had been expecting and reflected in part a record $23.8 billion in oil purchases as the price skyrocketed, reflecting widespread shutdowns of production facilities following hurricanes Katrina and Rita.

So far this year, the deficit is running at an annual rate of $706.4 billion. This puts the country on track to far surpass the old deficit record of $617.6 billion set last year and gives critics ammunition to argue that President Bush's trade policies are not working.
(snip/...)

http://www.chron.com/cs/CDA/ssistory.mpl/front/3451856
(Free registration required)

[Orrin_73]

1. The economy is doing well

the consumers thirst for foreign made goods is soaring. Wheter it is good for the economy in the long term remains to be seen, especially for the american manufaturing which is eroding very fast.

[Bush_Eats_Beef]

3. John Snow, June 18, 2004: The economy "firing on all cylinders"

http://www.whitehouse.gov/ask/20040618_2.html



Welcome to "Ask the White House" -- an online interactive forum where you can submit questions to Administration officials and friends of the White House. Visit the "Ask the White House" archives to read other discussions with White House officials.

jay, from charlotte writes: I recently had a friend challange me to tell him how in any way the economy is better now then before Pres. Bush took office. Unfortunately, I could not defend my position. Could you help.

John Snow: You can feel very confident in your position. First, this Administration inherited an economy that was in steep decline and weakened further by the bursting of the tech bubble. The United States suffered further uncertainty from terrorist attacks and corporate scandals. President Bush faced and addressed each challenge, and despite the serious setbacks, we now have a strong economy that is growing stronger.

GDP, the best overall measure of economic activity, has risen over the past year at the fastest rate in 20 years. Productivity, which translates into faster income growth and a higher standard of living, grew at the fastest 3-year rate in 5 decades from 2000-2003. Since the President has been in office, after-tax income has risen by 11 percent – that means Americans are keeping more of their hard-earned money. Today household wealth and homeownership rates are at all-time highs.

The President’s economic leadership and pro-growth policies have led to an economy that is firing on all cylinders.

[Double T]

2. Americans continue sowing the seeds of their own destruction.......

by consuming mass quantities of Chinese made products. Only after our own economy collapses will something be done, but even then it will be too late to save ourselves.

[Angry Girl]

4. U.S. Trade Deficit Soars to Record Levels in September

The U.S. trade deficit ballooned to record high levels in September after exports — notably of aircraft — fell and imports surged, the Commerce Department reported today.

In other economic news, a widely watched gauge of consumer confidence strengthened this month and the government reported a slightly larger than expected rise in new unemployment claims.

The trade gap, the difference between U.S. exports and imports of goods and services, rose more than 11% in September from the previous month's revised results to $66.1 billion, according to the Commerce Department.

While U.S. exports of services hit a record high, overall exports fell 2.6% to $105.2 billion. Meanwhile, imports rose 2.4% during the same period to $171.3 billion, which was also a new high mark.

http://www.latimes.com/business/la-111005econ_lat,0,4718449.story?coll=la-home-business

[progressoid]

5. Woo hoo! We're #1! We're #1! We're #1!

Oh.

Wait.

This is bad, huh?

[depakid]

6. "gives critics ammunition?"

See, this underscores what's wrong with the American media (even the relatively non-ideological sources).

Ther'es NO respect for truth anymore. Any raving lunatic's views are placed on par with rational ones. The FACT is that Republican and DLC Dem trade policies are producing a monumental imbalance- and that imbalance WILL produce a variety of negative effects. There ISN'T any rational argument about that, so labelling people who simply point out the truth as "critics" just furthers the disconnect so many Americans- including, apparantly- this reported and the Chro's editors have with reality.

Might as well say "Bush claims earth is flat, opinions vary."