Posted on 02/10/2010 4:39:35 PM PST by pissant
WASHINGTON - The U.S. trade deficit took an unexpectedly large turn for the worse in December, loading more foreign debt onto Americans and lengthening the odds against President Obamas effort to spark job growth by sharply boosting exports.
The Commerce Department report Wednesday, recording the third straight month of rising trade deficits, showed that exports continued to rebound at a solid pace in the final weeks of 2009, but a surge in oil imports wiped out the gain, leaving the countrys trade balance $40.2 billion in the red. That was up sharply from the $36.4 billion shortfall in November of 2009.
While trade balance reports attract relatively little public attention -- and the country has run deficits every year since 1976 -- the long-term effect of buying more goods from other countries than those countries buy from the United States is having a significant impact on Main Street. And for most Americans, the effect is not positive.
(Excerpt) Read more at baltimoresun.com ...
Wait. The economic elite on FR will be here to tell us that China’s simply holding paper and it’s meaningless.
Yes. Ever so meaningless to owe your enemies a trillion bucks.
There’s that pesky word again “unexpectedly”. Whenever i see that word now in any story relating to economy, Bambi or national security, i cringe.
Unexpected? It’ll be 20% larger next year.
Unexpected? It’ll be 20% larger next year.
Expect the “unexpected”. It’s everywhere.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.