BushCorp has screwed up just about everything they've touched since seizing the Presidency. Although the blowback from the illegal war they started promises to have the biggest negative effect on America, a close second would have to be the immense financial hole that these 'borrow-and-spend' neo/cons have put our country into. The trade deficit with China is at a record high, even higher than last year's record high, and is now piling up at an annual rate of almost $200 billion. Remember this when China suffer a crop failure due to aquifer depletion and buys up all of our grain. Bush and the neo/cons will be the ruination of the United States of America.

Trade Deficit Soars To New High
http://www.cbsnews.com/stories/2005/...n1032697.shtml
(excerpt)
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 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.

Bush Borrowed More Than All Previous Presidents Combined, Group Says

By Melanie Hunter
CNSNews.com Senior Editor
November 04, 2005
http://www.cnsnews.com/news/viewstor...20051104b.html

President Bush and the current administration have borrowed more money from foreign governments and banks than the previous 42 presidents combined, a group of conservative to moderate Democrats said Friday.

Blue Dog Coalition, which describes itself as a group "focused on fiscal responsibility," called the administration's borrowing practices "astounding."

According to the Treasury Department, from 1776-2000, the first 224 years of U.S. history, 42 U.S. presidents borrowed a combined $1.01 trillion from foreign governments and financial institutions, but in the past four years alone, the Bush administration borrowed $1.05 trillion.

"The seriousness of this rapid and increasing financial vulnerability of our country can hardly be overstated," said Rep. John Tanner (D-Tenn.), a leader of the Blue Dog Coalition and member of the House Ways and Means Committee.

"The financial mismanagement of our country by the Bush Administration should be of concern to all Americans, regardless of political persuasion," said Tanner in a press release.

Earlier this year, the Blue Dog Coalition unveiled a 12-step plan to "cure" the nation's "addiction to deficit spending." It included requiring all federal agencies to pass clean audits, a balanced budget, and the establishment of a rainy day fund for use in emergencies specifically a natural disaster.

"No American political leadership has ever willfully and deliberately mortgaged our country to foreign interests in the manner we have witnessed over the past four years," said Tanner. "If this recklessness is not stopped, I truly believe our economic freedom as American citizens is in great jeopardy."


All original CNSNews.com material, copyright 1998-2005 Cybercast News Service.

(In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.)

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"Everybody's worried about stopping terrorism. Well, there's a really easy way: stop participating in it. " --Noam Chomsky

I hope they've adjusted those figures for inflation. Otherwise, they are meaningless for comparisons.

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"This is a time for a national imperative not to fail in Iraq." Condoleeza Rice, January 11, 2007

Bush's record is still deplorable. But F-it. My grandkids can deal with it, eh?

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Where are we going? And why am I in this handbasket?

The rest of us did....so I don't know why not.

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"This is a time for a national imperative not to fail in Iraq." Condoleeza Rice, January 11, 2007

We dealt with 20 trillion in debt. LOL.

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Where are we going? And why am I in this handbasket?

GO FISCAL CONSERVATIVES!

Those raw figures mean nothing. What you need to look at is the ratio of the national debt to the GDP. I could say how terrible it is that I owe $100,000 this year in debt over the amount of debt I owed 5 years ago. But if I take into account that I now make a whole lot more money than I did 5 years ago......it's less significant. The percentage of my debt to what I bring in (my debt/income ratio) may be even less. Plus, the cost of borrowing that money is low and inflation is low; helps to make that figure more likely that I can repay it. It's all relative.

In 2004, America’s $4.3 trillion debt represented 38 percent of its $11.6 trillion GDP. Despite all the hand-wringing over increased budget deficits, the 38 percent debt ratio is actually below the post–World War II average of 43 percent. Conse(*)quently, America’s debt burden is actually low by historical standards. And BTW, that debt ratio was 49% in 1994. So, it's even improved since then. In fact, the current debt ratio is below the level for every year of the 1990's.

Since 1946, inflation-adjusted debt has grown by 84 percent, but the economy has grown by 429 percent— more than five times as fast. It is not surprising that recent budget deficits have not dev(*)astated the economy.

That being said, we should always work towards cutting the spending and therefore bringing the debt figures down.

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"This is a time for a national imperative not to fail in Iraq." Condoleeza Rice, January 11, 2007

trillion, not four. Just for starters. Second, comparing it to GDP makes no sense. GDP does not pay the debt back. But you will see. Just wait.

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Where are we going? And why am I in this handbasket?

"Realistic assumptions indicate deficits will total $4.4 trillion over the next decade."

"A more realistic projection that takes these omitted costs into account shows deficits averaging above $440 billion per year over the next ten years and totaling $4.4 trillion over the ten-year period."


"CBO’s new report and other CBO documents include additional estimates indicating that if the tax cuts are continued and projected defense expenditures are adjusted to make them more realistic (including both a downward adjustment to reflect an assumption that operations in Iraq and Afghanistan will phase down over the next few years and an upward adjustment to reflect the full cost of the Administration’s multi-year defense plan), projected deficits will not fall below $340 billion in any year, will average more than $440 billion per year over the next decade, and will total approximately $4.4 trillion over the ten-year period. (A recent Goldman-Sachs analysis concludes that the ten-year deficit is likely to be higher and could total between $5 trillion and $6 trillion.)"

http://www.cbpp.org/9-7-04bud.htm

Center of Budget and Policy Priorities

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"This is a time for a national imperative not to fail in Iraq." Condoleeza Rice, January 11, 2007

Well, I guess we can listen to wingnuts, living in a sort of "faith-based", fantasyland version of reality, tell us that everything is going just great and "you're doing a heck of job, Bushie", or we might want to listen to economic experts who actually know something about the world economy, like the guys at the IMF. The dollar has been inflated and is now in trouble. A weak dollar plus the huge and ever growing trade deficit plus Bush's conversation of a budget surplus under Clinton to a record budget deficit and spiraling-out-of-control National Debt equals serious, even possibly disasterous, financial consequences for most Americans in the next few years.

US deficit may pose 'global risk'

BBC News - World Edition
Wednesday, 7 January, 2004
http://news.bbc.co.uk/2/hi/business/3377795.stm

Excessive fiscal deficits in the US could hurt the long-term sustainability of the American and global economies, the International Monetary Fund warned.

Recession, tax cuts and high spending for the war on terrorism have resulted in large deficits, the IMF said.

That could place upward pressure on interest rates, and pose risks for the US economy and rest of the world.

IMF Deputy director Charles Collyns, said international investors could also lose confidence in the dollar.

That, he said, could force them to consider investing elsewhere.

'Adverse consequences'

Noting the dollar's recent slide against the euro, UK pound, and yen, the IMF said an unrestrained drop could have serious consequences at home and abroad.

The IMF report said the dollar has been affected by the mushrooming US current account and budget deficits.

"This trend (of deficits) is likely to continue to put pressure on the US dollar, particularly because the current account deficit increasingly reflects low saving rather than high investment.

"Although the dollar's adjustment could occur gradually over an extended period, the possible global risks of a disorderly exchange rate adjustment, especially to financial markets, cannot be ignored," the IMF said.

"Episodes of rapid dollar adjustments failed to inflict significant damage in the past, but with US net external debt at record levels, an abrupt weakening of investor sentiments vis-a-vis the dollar could possibly lead to adverse consequences both domestically and abroad."

It also said the deficits could deter private investment within the US, impede long-term productivity growth, and endanger the vitality of social security and Medicare programs.

copyright: BBC

(In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.)

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"Everybody's worried about stopping terrorism. Well, there's a really easy way: stop participating in it. " --Noam Chomsky