George W. Bush

Trade deficit (chasm) at an all-time high

The trade deficit numbers from November are in. The AP:

The U.S. trade deficit hit an all-time high of $60.3 billion in November as American appetites for foreign oil and even imported food reached record levels.

How massive is the trade deficit?

"We now have the Grand Canyon of trade deficits," said Joel Naroff, head of a Holland, Pa., forecasting firm. "Actually, deficit is really a misnomer. Chasm, gorge, black hole, infinitely deep well all fit the description better."

And the total 2004 trade deficit?

The deficit through November totaled $561.3 billion and is expected to top $600 billion once December's figures are tallied, far surpassing last year's record of $496.5 billion.

And do you recall Bush's wizard-like solution?

Bush: "There's a trade deficit. That's easy to resolve: People can buy more United States products if they're worried about the trade deficit."