Wednesday, January 12, 2005

U.S. Trade Deficit Hits Record $60.3B

'We now have the Grand Canyon of trade deficits,' said Joel Naroff, head of a Holland, Pa., forecasting firm. 'Actually, deficit is really a misnomer. Chasm, gorge, black hole, infinitely deep well all fit the description better.'

Democrats, who sought to make the widening trade and budget deficits issues in the presidential campaign, contended that the November shortfall was further evidence that President Bush (news - web sites)'s trade policies are not working. They note that the country lost 2.7 million manufacturing jobs over the past four years as companies moved production facilities to low-wage countries.

I don't think a punch-line is needed here; a frightening precursor to the future demands a somber tone.

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