As the housing market crumbles and the nation goes ever deeper into a recession, let us look at some of the root causes of how we got here.
The dollar hits a record low against the Euro – $1.5504 per Euro. The dollar is also at parity with the Canadian dollar for the first time ever.
Gas prices hit a record average of $3.23 a gallon, while oil is trading at almost $110 a barrel.
Heating oil is more than $1.23 more expensive this winter than last.
The federal budget deficit has doubled to $88 billion since the same time last year.
At year end 2007, Japan and China held more than $1 trillion of U.S. debt.
All of this due to Republican economic mismanagement. I thought Republicans were supposed to be the party of fiscal responsibility and restraint. Obviously not.
Elect Democrats, so we can begin the long slow process of extricating ourselves from the mess the Republicans have left us, and start rebuilding the middle class.
Dave Chirayath, Lewiston
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