Posted on 03/11/2005 1:17:29 PM PST by soccer_linux_mozilla
WASHINGTON (AP) - The U.S. trade deficit climbed to $58.3 billion in January, the second-highest level in history, as Americans' appetite for foreign consumer products and automobiles hit record highs. The deficit with China was pushed higher by a surge in textile shipments, reflecting the end of global quotas.
The Commerce Department reported Friday that the January trade gap was 4.5 percent higher than December's $55.7 billion deficit and was just below the all-time high monthly deficit of $59.4 billion, recorded in November.
For all of last year, the U.S. trade gap surged by 24.3 percent to $617.1 billion, setting a record for the third straight year. Analysts believe that 2005 will also set a record, reflecting higher prices for imported oil and continued heavy demand by U.S. consumers for all things foreign.
(Excerpt) Read more at apnews.myway.com ...
Hmmm. I can see where an occasional small deficit is harmless; however, large, prolonged trade deficits look something like this:
Paying the interest, especially as interest rates rise, requires an increasing portion of the pie.
Interesting. Every grocery store in my area has raised many prices in the last six months.
Must be a California thing.
bump for later
Can you back up your claim?
The info is from an investment newsletter, I would think they do their homework before they publish these letters.
Good point!
California's grocery workers' "unions" are WAAAY too strong...
I checked Costco's last 10K, and it says:
Costco Wholesale Corporation (Costco or the Company) began operations in 1983 in Seattle, Washington. In October 1993, Costco merged with The Price Company, which had pioneered the membership warehouse concept in 1976, to form Price/Costco, Inc., a Delaware corporation. In January 1997, after the spin-off of most of its non-warehouse assets to Price Enterprises, Inc., the Company changed its name to Costco Companies, Inc. On August 30, 1999, the Company reincorporated from Delaware to Washington and changed its name to Costco Wholesale Corporation, which trades on the NASDAQ under the symbol COST.
American Airlines, Inc and AMR, Inc are incorporated in Delaware.
Federal Express is a Delaware corporation:
Federal Express Corporation ("FedEx Express") invented express distribution in 1973 and remains the industry leader, providing rapid, reliable, time-definite delivery of packages, documents and freight to 215 countries. FedEx Express is a wholly owned subsidiary of FedEx Corporation ("FedEx"), which was incorporated in Delaware on October 2, 1997 to serve as the parent holding company of FedEx Express. We offer time-certain delivery within one to three business days, serving markets that comprise more than 90% of the world's gross domestic product through door-to-door, customs-cleared service, with a money-back guarantee. Our extensive air route authorities and transportation infrastructure, combined with our leading-edge information technologies, make us the world's largest express transportation company. We employ more than 133,500 employees and operate approximately 52,000 drop-off locations, 645 aircraft and 47,000 vehicles and trailers in our integrated global network.
Sears is New York corporation:
Sears, Roebuck and Co. (Sears, and together with its consolidated subsidiaries, the Company) originated from an enterprise established in 1886 and incorporated under the laws of New York in 1906. Its principal executive offices are located at 3333 Beverly Road, Hoffman Estates, Illinois. The Company is a multi-line retailer that offers a wide array of merchandise and related services and is among the largest retailers in North America. In addition, through its Credit and Financial Products businesses, the Company had offered its customers various credit, financial and related insurance products.
A foreign corporation pays our Treasury the corporate rate (less offsets) on all income that is "effectively connected" (a legal term of art) to its operations in the U.S. Quit your BS.
easy. china pegs their currency to the dollar, so when the dollar goes down, chinese products become cheaper in the same markets we are trying to export into.
Good point!
California's grocery workers' "unions" are WAAAY too strong...
We have more credit cards and debt than any other country. Get ready for the big crash free traders. Can you say Wang Mart?
They will - where do you think they'll need to spend those dollars we're sending them...
China
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