Bush Boom Continues

Yes, we have an economy so robust under President Bush that it has created the largest Federal deficits in history, the largest total government debt, real estate bubbles, hedge fund failures, and, perhaps his greatest accomplishment a rising trade deficit despite a dollar that’s in free fall:

The US trade deficit expanded to its highest level in 14 months in November as imports, especially of oil, overshadowed a rise in exports.

The Commerce Department said that the trade deficit expanded by 9.3% to $63.1bn (£32bn) driven by a 16.3% jump in America’s foreign oil bill.

US exports rose by 0.4% to a new record of $142.3bn, getting a boost from the weaker dollar.

Analysts said the growing deficit could weigh on US economic growth.

Nonetheless, I’m sure this is more good news for Republicans, and bad news only for Democrats.

6 Comments

BooMan on January 11, 2008 at 4:14 pm

that’s just sad.

RandyH on January 11, 2008 at 4:37 pm

I saw somewhere recently that we just fell into a net negative job creation as well. Or something like that, adjusted for something or other. You know how these statistics can get.

DaveW on January 11, 2008 at 5:17 pm

Bush’s economic success is well summarized by the main economic headlines right now:

*     Stocks Slammed by Bad Credit Fears
*     Consumer Confidence Sinks to Record Low
*     Trade Deficit Soared in November
*     Gold Hits Record $900 an Ounce
*     Oil Falls on Growing Economy Concerns
*     Cleveland Sues Banks Over Foreclosures

Quck, let’s cut our friends’ taxes some more!

Salunga on January 11, 2008 at 5:53 pm

Its going to get worse the Republican supplyside trickle down on the average poor bastard ripoff is killing us. Another shortsighted gimmick to line their own rich ass pockets. They won’t need social security because as CabinGirl once said they have already stolen it.
How will they try to get out of this mess? Through more of the same…tax cuts. Then they can let the poor peoples children try to pay this off with worthless dollars down the road. Stimulus it should come in the form of extended unemployment benefits or direct government programs like in the great depression. Tax cuts only go into the bank accounts of people who don’t need them. Direct assistance reaps benefits immediately and you get full bang for the buck. Tax cuts are just a way to skim off the top for the corporations and the wealthy.
The dollar is weak because of huge deficits without end and artificially low interest rates. The world knows we are broke. Not because of Social Security as Moody’s said today but because the rich value their bank accounts over a strong United states. False patriots all, I hope they choke on their money.

shergald on January 12, 2008 at 9:38 am

Hillary is now proposing a bailout of the poor and people stung by rising interest rates and variable rate mortgages. How does she intend to pay for the 70 billion this program would cost? Letting the Bush taxcuts for the wealthy expire?

Like its populist focus, but we haven’t heard how she intends to pay for it. No Democratic candidate will propose “raising taxes” even though it might only affect the wealthy. McCain will run on Reaganomics again believing that people can be fooled more than once, but Hillary is not so fortunate, unless this is another of Bill’s schemes to steal the Republican party platform.