Posted on 12/14/2005 10:56:23 AM PST by ncountylee
WASHINGTON, Dec. 14 /U.S. Newswire/ -- House Democratic Leader Nancy Pelosi released the following statement today on the Commerce Department's announcement that the trade deficit increased 4 percent in October, to a record $69 billion. The trade deficit is running at an annual rate of $718 billion -- $100 billion more than last year -- putting the country on pace to reach an all-time high.
"Today's record trade deficit numbers are yet another sign that Republican economic policies are failing to meet the needs of the American people -- resulting in wages falling here at home, at a time when working families are facing skyrocketing gas prices at the pump and increasing costs of health care. In just a decade, our trade deficit with China alone has grown from $4 billion a year to more than $4 billion a week. At the same time, Republican economic policies have created huge budget deficits that are being financed by borrowing from our foreign competitors.
"Last week, President Bush touted how well the American economy is doing, displaying just how out of touch he is with middle-class Americans. Rising costs and stagnant wages are the economic reality facing most Americans, and the reality that President Bush and the Republican Congress continue to ignore. We need economic and trade policies that work for all Americans, not the Republicans plan to borrow more money from China to pay for even more tax breaks for the wealthy few.
"America can do better than irresponsible spending and trade policies that are jeopardizing our economic security and placing our economic future in the hands of foreign countries. That is why Democrats have created an Innovation Agenda to build a skilled workforce in science, engineering, and information technology, spur federal research and development, guarantee access to broadband technology, and achieve energy independence in 10 years through emerging technologies. Democrats are fighting for fair trade and fiscal responsibility to create new markets for U.S. goods and provide opportunities for America's working families, farmers, and small business owners."
Does Pelosi not realize that the federal budget has very little to do with the economy as a whole? A federal deficit does NOT hurt the average American.
Hahahahahahahahahahaahaha!!!!!
In America, even a special ed dropout can get elected to Congress......
She's not talking about the budget deficit, she's talking about the trade deficit. Different animal.
She's also wrong about real wages. They aren't stagnant, they're rising.
Which is even funnier - because I *live* in San Diego, and a) I got a big raise this year b) I'm paying under the norm for rent c) I got a new car for way cheap d) with better gas mileage and e) I put a grand in the bank, and $500 to Katrina victims.
I don't get what the heck her issue is. :\ I mean, does she even lead the same state that *I* live in?? Too frickin' bad I can't vote against her because she's not in my district, but I did tell every Republican person that called during this last election season that she needs to be sat down.
It's hard to know how to respond to this. Anything Pelosi says can't be taken seriously.
Heck, even the MSM has taken to admitting the economy is strong - what a disconnect from her "base".
I wasn't aware Willie Green is writing Nancy's economic speeches.
She has no choice - her face is always stiff and straight from the mega-Botox treatments....
The DOW just broke 10900.
Nailed it. Right on.
One way to decrease the deficit is to tax only loud mouth liberals who want to raise taxes. Up yours with someone else's, Pelosi.
VERY GOOD for you! I love San Diego (retired USN). You California folks really need to break up into about 3 separate states. The nutcases from LA and SF get all the press, but the movers and shakers and bill-payers are elsewhere, like San Diego and the Lemoore area. The rest of us know and realize that the REAL Californians are conservative like the majority of this country.
Pelosi Press Release:
BAD news good; good news BAD
Same old dem/lib/socialist mantra.
Nah.
Bush's economic policies are so pathetic that he's an easy target.
But the bimbo is still too stupid to propose a sensible alternative.
Any econ types know if this is a real way to look at it, instead of just the number by itself?
Here are the facts:
Gross Domestic Product (GDP), the measure of the USA's output of goods and services, is calculated by the Commerce Department's Bureau of Economic Analysis using the following items:
The BEA News Release for THIRD QUARTER 2005 provides us with the following current data for these items. (Seasonally adjusted at annual rates)
Gross domestic product (GDP)............................. $12,601.0 billion Personal consumption expenditures.......................... 8,845.4 (70.20% of GDP) Gross private domestic investment.......................... 2,097.6 (16.65% of GDP) Net exports of goods and services........................... -734.2 (-5.83% of GDP) Government consumption expenditures and gross investment... 2,392.2 (18.98% of GDP)
The current BALANCE OF TRADE is in deficit, which is considered unfavorable.
That is why it is SUBTRACTED from the other factors used to calculate GDP.
And at historic highs, it diminishes our domestic economy by over 5% - more than twice the normal variation. This is NOT insignificant.
Well... Since the economy is going along swimmingly, I hope that the Bush Cabal continues to ignore our reality.
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