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Friday, January 28, 2005
Bush trade deficit derails US economic growth
President Bush might not believe a burgeoning trade deficit matters but he's simply wrong. Just ask the Commerce Department:
Perhaps its time for the President to start fostering the type of economy that creates jobs in America, not overseas. The only way for him to do that is to begin telling the truth to the American people, and bribing journalists is not a good start.
Economic growth slowed in the final quarter of 2004 to levels not seen in two years, the Commerce Department reported today, capping a nonetheless expansive 12 months for the American economy.Link.
The department estimated that the gross domestic product, the measure of overall economic activity in the United States, grew at a rate of 3.1 percent in the October-to-December period versus an anticipated rate of 3.6 percent and a 4 percent rate in the previous quarter.
For the year, growth came in at 4.4 percent in the advance estimates released by the department.
The culprit in the final quarter, the department said, was the country's trade deficit.
Perhaps its time for the President to start fostering the type of economy that creates jobs in America, not overseas. The only way for him to do that is to begin telling the truth to the American people, and bribing journalists is not a good start.
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