Morgan BellUSA Deficit at Lowest Level in Nine Years
July 12th 2009 14:40
The USA has narrowed its trade gap to record lows. The May 2009 deficit is at its lowest level in more than nine years.
Economists are now predicting the recession will be over in the next few months.
The USA is now importing fewer cars, auto-parts, civilian aircraft and computers.
With imports falling and exports increasing, the deficit was 9.8% lower in May compared to April. The deficit in May was $26bn.
The deficit in 2009 to date is running at a yearly rate of $350bn. This is around half what it was for the whole of 2008.
The trade deficit between the USA and its single biggest trading partner, Canada fell to its lowest level in 15 years at $628m.
The USA deficit with Japan dropped its lowest level in more than 20 years, at $1.9bn.
To read the full BBC News article CLICKHERE.
Economists are now predicting the recession will be over in the next few months.
The USA is now importing fewer cars, auto-parts, civilian aircraft and computers.
With imports falling and exports increasing, the deficit was 9.8% lower in May compared to April. The deficit in May was $26bn.
The deficit in 2009 to date is running at a yearly rate of $350bn. This is around half what it was for the whole of 2008.
The trade deficit between the USA and its single biggest trading partner, Canada fell to its lowest level in 15 years at $628m.
The USA deficit with Japan dropped its lowest level in more than 20 years, at $1.9bn.
To read the full BBC News article CLICKHERE.
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Comment by DeAnne
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Something to consider, 10 years ago, we were actually trying to reduce the debt, not just slow the increase. The total national debt at the end of May 1999 was $5,604,198,055,526.11.
Under Clinton, we were on track to reduce the debt. The increase in national debt between May 2000 and May 2001 was less than $10 billion. Compare that to the $363 billion plus increase the following year -- steadily increasing up to nearly $2 trillion increase between May 2008 and May 2009.
For more information, see National Debt Clock and Debt to the Penny.
Refresh my memory, was it a conservative or a liberal in office during all this increase?
Thanks for the good news, Morgan. Maybe it will get even better!
Comment by Morgan Bell
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wow you are a powerhouse of economic knowledge!
thanks so much for all the additional stats
you are, of course, completely right - the rates i quoted were how much is being ADDED each month, they added less in May than they did in April, but its not using cumulative figures for comparison
still if the USA can reduce how much they add my nearly 10% each month they may be able to (theoretically) start chipping away at the total debt within the next year . . . well heres hoping
*fingers crossed*
ahh yes i believe it was the Bush war machine paired with unsustainable tax cuts and letting the "pay as you go" agreement lapse . . . Bush was like a high-rolling shopaholic
i really appreciate your informative comment
Comment by DeAnne
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I can't really take credit for the "powerhouse of economic knowledge" - those links I posted are where all that knowledge came from!
Comment by Morgan Bell
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i remember a credit card company hounding me daily over a $20 debt, and once when i moved house i got charged a disconnection fee for my internet and forgot about it and they referred it to a debt collector for just $200
but if i was running a country racking up a trillion dollars in debt wouldnt be a problem . . . very strange
thanks for the links, its clear to me you do know what you are talking about when it comes to finance