Rocky,
I sincerely hope the US economy will really 'boom' soon - will be to our benefit as well!!!
But these are the real facts that you must face:
Quote:
US current account gap hits a record
June 20, 2005
By Rob Lever
Washington - US debt pushed into uncharted territory as the current account deficit widened in the first quarter to a record $195.1 billion, the commerce department reported on Friday, June 17, 2005.
The report, which represents the broadest measure of trade and capital flows, was bigger than the $190 billion expected on Wall Street and represented 6.4 percent of US gross domestic product.
It was also wider than the $188.4 billion in the fourth quarter of 2004, a figure revised upward from an earlier estimate of $187.9 billion.
The growth in the current account highlights fears of economists that Americans are spending more than they are producing, and puts pressure on the dollar.
Along with the US budget deficit, which hit $413 billion in the past fiscal year, the "twin deficits" require foreigners to pump money into the US at an unprecedented rate.
Some experts fear these imbalances are unsustainable and that at some point foreigners may reduce their dollar holdings, forcing US interest rates higher.
Other analysts said they saw no quick turnaround in the current account deficit, with global growth slowing.
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Your observations are correct, though not sustainable for long!
Quote:
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The headlines you read are crap - the product of extreme media types who only want to unseat our current President and install a socialist government.
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Sorry, but this is your 'commerce department's' report - think again!