The coming economic meltdown

I don't know why the administration doesn't seem concerned about the falling value of the dollar worldwide or what the trade deficit is doing to our economy. I've been concerned about this for some time and finally have found an article that articulates my concerns in a focused and thorough way. Mike Whitney has written an article entitled, "The coming economic meltdown: Sorry, but we're toast" published on the Smirking Chimp site. Here's an excerpt:

Don't look now, but Bush's house-of-cards economy is about to come crashing to earth. Just yesterday the Commerce Dept announced that the trade deficit soared to an all time high of $665 billion in 2004; a whopping 25% increase from the previous year. America's gluttonous appetite for cheap foreign goods and its inability to produce more of what it consumes is quickening the country's inevitable day of reckoning. Despite the rosy projections from the Bush clan and their friends in the media, the probability of an economic meltdown becomes more likely every day.

Does the average American have any idea of the catastrophe that's facing us?
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Of course, there are ways to prop up the dollar and stabilize the economy. Reverse the Bush tax cuts that are plunging the country towards disaster; reinvest in the industrial sector so America can start manufacturing things again; raise interest rates to build confidence in the dollar, and tighten up government expenses to show the world some fiscal responsibility.

Of course, none of these will happen. We know from experience that when the Bush administration is headed over the cliff, the first thing they do is hit the gas. The same suicidal scenario is unfolding now.

I honestly think we need to be prepared for the U.S. to turn into essentially a third world country. That is where we're headed economically unless the powers that be wake up.