Congress Haters

One Response to Congress Haters

1. Phillip Windham says:

   November 5, 2006 at 7:21 pm

   Fiscal record of Bush Admin. & this Congress worst in history – documentation

   Massive capital outflow in the last decade to pay for fuel imports has made the U.S. the world’s largest debtor nation and reduced the U.S. international reserve position in the world by 95%.

   The U.S. annual merchandise trade deficit for 2005 was over $782, 000,000,000 ($782 billion)

   The major factor in this is the growing U.S. imports of energy (oil, coal, natural gas) and the price increases for these. This represents a massive outflow of capital from the U.S. economy,

   making us collectively poorer, and according to the International Monetary Fund(IMF) threatening collapse of the world economy.

   Since 1952 the international reserve position of the U.S. has fallen from 50% of the world's total to a 2.4% ratio – - a 95% drop. The decline continues.

   • Many other productive nations now have up to 23 times more foreign reserves backing up each of their children than we have backing ours, and their lead is increasing as the U.S. continues with massive trade deficits and record high internal private sector debt ratios, with nil savings. With 5% of the world's population, America consumes over 20% of world imports.

   • The U.S. is the world's largest debtor, a long fall from being the world's largest creditor when I was a young worker.