We can argue about NAFTA (though you know where I stand on these trade deals), but we have to agree the legacy of the first two terms of President Bush and even greater damage done by nearly a dozen years of a Republican-controlled Congress grows clearer every day.
Dollar falls in Europe, Canada, Japan...
NEW YORK — The dollar fell Tuesday, hovering near its all-time low against the euro, after the Bank of Canada cut its interest rate by half a percentage point to 3.5 percent and indicated that more trims will be needed to deal with a deteriorating U.S. economy.
The dollar fell to 1.0042 Canadian dollars in late New York trading, from 1.0074 Canadian cents on Monday.
The euro bought $1.5208, up from $1.5192 on Monday after touching a record high of $1.5266. The British pound rose slightly to $1.9859 from $1.9847, while the dollar fell to 103.14 Japanese yen from 103.96 the day before.
This Congress has a lot of work to do on behalf of the working families in this nation, and they're going to need more, and better Democrats joining them in 2009 to undo the damage.
That's not necessarily news to the millions of Americans working harder than ever before with less buying power than ever before, struggling to stay in homes they can no longer afford and preparing for $4 a gallon gas this summer.
What is news to many however is just how well Mexico is doing in George Bush's great American experiment in a globalized race to the bottom.
Mexican stocks rise after US data, Peso gains too.
MEXICO CITY, March 3 (Reuters) - Mexican stocks opened smartly higher on Monday after data showed manufacturing in the Unites States, Mexico's chief trading partner, was weak in February but in line with expectations.
To quote my opponent, Republican Robin Hayes, who was all over the media rallying against CAFTA shortly before switching his vote for President Bush's free trade farce in the middle of the night:
"What does CAFTA sound like? NAFTA," he said. "It's not in the best interests of a core constituency I represent." [Raleigh News and Observer, 7/14/2005]
Europe, Canada, Japan and now Mexico... all faring better than us as we continue to send record treasure to the Middle East both for war and our dependence on foreign oil.
Let's not leave out China though. After all, combined with Japan, they finance about HALF of our public debt, we use to keep the "dead-enders" at bay in Iraq, while China continues to build up its military preparedness to the tune of $59 billion, a 17.6 percent increase this year.
As of February 2008, the total U.S. federal debt was approximately $9.3 trillion, about $79,000 in average for each American taxpayer. Of this amount, debt held by the public was roughly $5.2 trillion.
We must remember our responsibilities, as Thomas Jefferson said:
"It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world." ~Thomas Jefferson to A. L. C. Destutt de Tracy, 1820.
Friends, we're in trouble, and the sooner we realize it and put aside the politics of personal destruction tearing at the very core of our great United States, the sooner we can overcome the significant challenges of tomorrow. I'm ready to roll up my sleeves and get to work. Are you ready to help send more and better Democrats to Washington? I appreciate your support.
Cross posted from BlueNC!