Trade Deficit hits a new high (yeah, this is a constant story)

[Robert Oak]

The deficit in the broadest measure of international trade rose to an all-time high of $195.1 billion from January through March of this year as the country sank deeper into debt to Japan, China and other nations.

The
Commerce Department reported Friday that the deficit in the current account rose by 3.6 percent from the previous quarterly record, an imbalance of $188.4 billion in the final three months of 2004.

Sen. Byron Dorgan, D-N.D., said the current account deficit had reached "dangerously high levels" and called on the administration and Congress to change course on trade. Dorgan is leading the opposition in the Senate to approval of the administration's Central American Free Trade Agreement.

So, for anyone still holding onto some myth that our current "free trade" policies are really good. I'd say the empirical evidence
is pouring in like a tsunami that it isn't working...yet does anything change? Hell NO!