U.S. Trade Deficit Hits All Time High
Here is the current state of the U.S. economy for all of you Canadians who want to avoid such a train wreck on this side of the border.
Today, Moneysense.ca reported that the U.S. trade deficit has hit an all time high of 725.8 billion dollars for 2005. Let's gather up some other stats to help mount this argument.
The amount of household debt in the United States is at an all time high. The amount of household savings in the U.S. is at an all time low. Real wages have not increased in the U.S. for the past 15 years.
What does this really say about the state of the U.S. economy?
U.S. companies, in an effort to make big cash, are pulling jobs out of the U.S. and moving them to China. (companies are also rapidly reducing their responsibilities for such benefits as pensions and health care). The number of good (and unionized) full time jobs available to Americans are rapidly decreasing. The American consumer has less money to spend on goods and services. The deregulation of the credit industry has made it easier and easier for consumers to get credit cards. U.S. consumers, with less purchasing power as a result of lower wages, benefits and a lack of good paying jobs, are getting into too much debt and spending all their savings on increased expenses - and also, goods made in China.
Let me repeat: The U.S. consumer is going into debt buying goods made in China - goods that were once made in America and which created jobs that kept people out of debt.
Who benefits? Multinational corporations who profit off of the labourers in China and the American consumers financial future.
Who is to blame? Government policies that have deregulated corporations while pouring money into their coffers while backstabbing the middle and poor classes.
The deregulation of the credit industry, the new bankruptcy act, the changes made to the overtime rules in 2003, the changes made to employment standards in 2005, and the IRS moving 30% of its budget from corporate audits to personal audits, are all perfect examples of government middle class backstabbing on behalf of corporations.
Your children pay.
Canada MUST BE CAREFUL NOT TO GO DOWN THIS PATH!!
Today, Moneysense.ca reported that the U.S. trade deficit has hit an all time high of 725.8 billion dollars for 2005. Let's gather up some other stats to help mount this argument.
The amount of household debt in the United States is at an all time high. The amount of household savings in the U.S. is at an all time low. Real wages have not increased in the U.S. for the past 15 years.
What does this really say about the state of the U.S. economy?
U.S. companies, in an effort to make big cash, are pulling jobs out of the U.S. and moving them to China. (companies are also rapidly reducing their responsibilities for such benefits as pensions and health care). The number of good (and unionized) full time jobs available to Americans are rapidly decreasing. The American consumer has less money to spend on goods and services. The deregulation of the credit industry has made it easier and easier for consumers to get credit cards. U.S. consumers, with less purchasing power as a result of lower wages, benefits and a lack of good paying jobs, are getting into too much debt and spending all their savings on increased expenses - and also, goods made in China.
Let me repeat: The U.S. consumer is going into debt buying goods made in China - goods that were once made in America and which created jobs that kept people out of debt.
Who benefits? Multinational corporations who profit off of the labourers in China and the American consumers financial future.
Who is to blame? Government policies that have deregulated corporations while pouring money into their coffers while backstabbing the middle and poor classes.
The deregulation of the credit industry, the new bankruptcy act, the changes made to the overtime rules in 2003, the changes made to employment standards in 2005, and the IRS moving 30% of its budget from corporate audits to personal audits, are all perfect examples of government middle class backstabbing on behalf of corporations.
Your children pay.
Canada MUST BE CAREFUL NOT TO GO DOWN THIS PATH!!
posted by Annette | 4:41 p.m.
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