PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: Peter Dierks who wrote (682082)	5/12/2005 3:19:22 PM
From: DuckTapeSunroof	Read Replies (1) of 769670

"The U.S. trade deficit narrowed in March. Economists applauded the news yesterday. They said the lower dollar was finally doing its work - the imbalance was being corrected. But a lower dollar is supposed to correct the trade imbalance by boosting exports... not by reducing consumer spending on imports. No export increase was spotted. But then we notice another little item from yesterday - consumer spending in April fell. Consumers are having a hard time keeping up with rising expenses; that's the real reason the trade deficit shrank. This item, too, glommed on to Monday's shocker - that wages took their biggest drop in 13 years. All of a sudden, little thoughts were big ones. They were all connected into one repulsive blob: We are getting poorer. Americans earn less, so they spend less, the boom in consumer spending is ending... a bust must be coming. In today's press comes another little bit of news. The Bank of England will have to cut rates soon in order to fight a slowdown. Retail sales are down. Factory output is down. And even house prices are going down." --- from Daily Reckoning.

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