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Thursday, November 10, 2005

The Booming Economy

I'm not an economist, but I would suspect when a nation is spending much more than it's earning, that would tend to be a bad thing:

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.

[...]

The 11.4 percent increase in the deficit reflected the fact that imports jumped by 2.4 percent to a record $171.3 billion in September, driven by the higher oil bill and a big increase in imports of consumer goods such as televisions, clothing and toys.

U.S. exports actually fell by 2.6 percent to $105.2 billion in September, the biggest monthly decline in four years. However, analysts cautioned that the drop-off was heavily influenced by a strike at aircraft-maker Boeing which sharply curtailed shipments of jetliners during the month.

The deficit with China jumped by 8.9 percent during the month to a record $20.1 billion and through September is running at an annual rate approaching $200 billion, far above last year's record deficit of $162 billion, which was the highest imbalance ever recorded with a single country.

But hey, that's just me. What do I know? I must not have the economic foresight of our president.

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