Thursday, November 10, 2005

Pop the Champagne 

Our eminent colleague Richard Cranium of the All Spin Zone toasts the Bush administration for passing a couple of extraordinary milestones:
President George W. Bush and the current administration have now borrowed more money from foreign governments and banks than the previous 42 U.S. presidents combined, which the Blue Dog Coalition in the House of Representatives called “astounding.”

Throughout the first 224 years (1776-2000) of our nation’s history, 42 U.S. presidents borrowed a combined $1.01 trillion from foreign governments and financial institutions according to the U.S. Treasury Department. In the past four years alone (2001-2005), the Bush Administration has borrowed a staggering $1.05 trillion.
The Commerce Department reported Thursday that September's trade deficit was a record $66.1 billion, 11.4 percent higher than August and much worse than economists had been forecasting.

Analysts blamed much of the rise on hurricanes Katrina and Rita, which shut down production at Gulf Coast refineries and pushed oil prices to record highs.

The trade deficit so far this year is running at a record annual rate of $706 billion,
putting it on track to far surpass the old record of $617.6 billion set last year.

Critics say the deficit is the result of the Bush administration pushing free trade agreements that reduce the cost of products for U.S. consumers but send American jobs overseas, where labor costs are lower. The United States has lost 3 million manufacturing jobs since mid-2000.
We'd like to join the celebration too, if we may by saluting President Bush for achieving a downright gaudy 36% approval rating in the latest Fox News Poll.

Did we just say Fox News?

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