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  • Record US Trade Deficits Spell Impending Economic Defeat

    02/18/2005 9:55:18 AM PST · by Willie Green · 265 replies · 3,415+ views
    AmericanEconomicAlert.org ^ | Thursday, February 17, 2005 | William R. Hawkins
    For education and discussion only. Not for commercial use. It is difficult to decide whether the trade figures for 2004 or the Bush Administration's reaction to them indicate the greater danger to the American economy and nation. Last year's trade deficit hit $617.7 billion -- surpassing the record 2003 deficit by 24 percent. The deficit in goods was even higher, at $666.2 billion. The imbalance increased as a share of the economy to 5.3 percent of gross domestic product, up from 4.5 percent in 2003. This is a situation usually associated with underdeveloped countries on the brink of financial collapse....