calendar>>August 30. 2011 Juch 100
U.S. Economic Depression

Pyongyang, August 30 (KCNA) -- The U.S. economy is gasping for fresh air.

The S&P, an international credit account organization, announced early in August that it would degrade the U.S. credit level.

The federal budgetary deficit tripled to 129 billion dollars in July from the previous month, the U.S. Department of Treasury said on August 10 quoting investigation data.

The U.S. total budgetary deficit stood at 1 099.9 billion dollars for 10 months in the current fiscal year which began October last year.

The S&P announcement did great harm to the U.S. economy.

Many economists admitted that the degradation of the U.S. credit level would arouse concern about the "second decline" of the U.S. economy as it would give shocking impact to its markets.

Analysts clarified that there existed the necessity of the degradation and it led to the exposure of the inveterate defects that undermined the U.S. credit foundation such as its way of consumption, deficit policy and political in-fighting.

The public assesses that the present U.S. economy can be likened to a patient who looks healthy with the help of an oxygen respirator.

Much upset by the serious economic crisis going unresolved, the present Administration tried to settle the fund issue and defuse the crisis by raising the legally restricted state debt limit.

But this led to fierce factional strife between the Democratic Party and the Republican Party at a Congressional session this year.

The U.S. public judges that lurking behind it is a politically-motivated aim to get benefits from the election due next year.

A serious warning is issued against the U.S. economic mode based on loan.

The U.S. debt running to the astronomical figure and financial crisis are chiefly attributable to its unilateralism and hegemonism, aggression and interference in internal affairs of other countries all over the world on which it spent a huge amount of money.

The U.S. economy, being pushed into a quagmire as the days go by, vividly shows the wretched plight of the world's "only superpower" going downhill.

Copyright (C) KOREA NEWS SERVICE(KNS) All Rights Reserved.