The New York Times reports

The United States trade deficit hit $58.3 billion, its second-highest level on record in January, defying predictions that a weakened dollar and lower oil prices would improve the American trade picture.

For those who haven't been following the spiraling trade deficit that's a 4.5% increase over December's deficit. In a typical White House reaction an administration lackey "said these trade figures should be seen as testimony to the strength of the American economy and its role as an engine of global growth." Yeah....tell that to all the factory works who lost their jobs over the past four years to outsourcing. Oh...and the dollar fell on the news which means those refrigerators, tvs, and other gee gaws, not to mention clothing and shoes, we used to produce here in the US just got a whole lot more expensive. So combined with falling wages, the falling dollar has officially entered the U.S. in the race to the bottom. Once the Radical Republicans finish dismantling the rest of the Great Society we'll start seeing an influx of manufacturing jobs and the return of the good ol' days of robber barons, 16 hour work days, and corrupt government. Oh...wait....
posted by Idle Crank at 3/11/2005 02:54:00 PM