Economic Genius Gives Lecture
Dubya, that economic genius of renown, was in Peru this past week, touting his record on free trade.
He said, "Expanding trade and investment has been one of the highest priorities of my administration."
"When I took office, America had free trade agreements in force with only three nations. Today, we have agreements in force with 14."
Dubya noted that during his administration, "America's trade with the world has grown from $2.5 trillion to $4 trillion, an increase of 60 percent."
Somehow he failed to mention that:
The U.S. trade deficit has increase to $700 billion annually, from $365 billion annually, during his administration.
The total US trade deficit will total about $5 trillion over the 8 years of his administration.
The value of the $US has dropped to an average of Euro 0.66 this year, from an average of Euro 1.07 Euros in 2001.
The International Investment Position of the US has deteriorated by about $1 trillion during his administration.
And, on a more personal level, he dared not mention that the DJIA has dropped to around 8000, from around 10500, the day he was inaugurated.
So, let's see. Trillions of dollars have flowed out of the US in trade deficits and some have flowed back into the US as foreign investments during his administration. About $1.5 trillion dollars that could have been spent on improving an antiquated, non-competitive US educational system has been consumed on two poorly premised and executed wars. The US dollar will buy about two-thirds as much foreign goods as it would. Domestic investments in US businesses are now worth about three-fourths what they were. The US Treasury has printed about a trillion brand new dollar bills to prop up a deregulated financial services industry. And, the US economy is in the worst condition since The Great Depression.
Great job, Bushy!
Trade on.
He said, "Expanding trade and investment has been one of the highest priorities of my administration."
"When I took office, America had free trade agreements in force with only three nations. Today, we have agreements in force with 14."
Dubya noted that during his administration, "America's trade with the world has grown from $2.5 trillion to $4 trillion, an increase of 60 percent."
Somehow he failed to mention that:
And, on a more personal level, he dared not mention that the DJIA has dropped to around 8000, from around 10500, the day he was inaugurated.
So, let's see. Trillions of dollars have flowed out of the US in trade deficits and some have flowed back into the US as foreign investments during his administration. About $1.5 trillion dollars that could have been spent on improving an antiquated, non-competitive US educational system has been consumed on two poorly premised and executed wars. The US dollar will buy about two-thirds as much foreign goods as it would. Domestic investments in US businesses are now worth about three-fourths what they were. The US Treasury has printed about a trillion brand new dollar bills to prop up a deregulated financial services industry. And, the US economy is in the worst condition since The Great Depression.
Great job, Bushy!
Trade on.
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