United States Increases Its Share of Worldwide Arms Market Amid Economic Slump

Business is booming for the United States in the foreign arms market. Even with a faltering economy and a slump in overall global arms sales, according to a Congressional study, the U.S. increased its annual market share to more than two-thirds of all foreign arms deals in 2008. In a nutshell, that means that 68.4 percent of arms trades involve U.S. sales. This is great news in some circles, but not to the millions of Americans who are unemployed.

Topping the list of buyers in the developing world last year were the United Arab Emirates, which signed $9.7 billion in arms deals, Saudi Arabia, which signed $8.7 billion in weapons agreements, and Morocco, with $5.4 billion in arms purchases.

New York Times:

Despite a recession that knocked down global arms sales last year, the United States expanded its role as the world’s leading weapons supplier, increasing its share to more than two-thirds of all foreign armaments deals, according to a new Congressional study.

The United States signed weapons agreements valued at $37.8 billion in 2008, or 68.4 percent of all business in the global arms bazaar, up significantly from American sales of $25.4 billion the year before.

Italy was a distant second, with $3.7 billion in worldwide weapons agreements in 2008, while Russia was third with $3.5 billion in arms sales last year — down considerably from the $10.8 billion in weapons deals signed by Moscow in 2007.

The growth in weapons sales by the United States last year was particularly noticeable against worldwide trends. The value of global arms sales in 2008 was $55.2 billion, a drop of 7.6 percent from 2007 and the lowest total for international weapons agreements since 2005.

The annual report was produced by the nonpartisan Congressional Research Service, a division of the Library of Congress. It is widely regarded as the most detailed collection of unclassified global arms sales data available to the general public. To read more, CLICK HERE.

Photo credit:  MSNBC

Trina Thompson, 27, Sues Monroe College For $70K in Tuition, Says She Can't Find a Job and School hasn't Delivered on its Promises

Trina Thompson, 27, has given a whole new meaning to filing a class action lawsuit. Ms. Thompson has sued Monroe College, in the Bronx, New York, saying that the $70,000 she spent on tuition at the school hasn't helped her to find gainful employment since earning her bachelor's degree in April. She wants her money back and she isn't kidding. She filed a lawsuit in Bronx Supreme Court on July 24. The lawsuit alleges the business-oriented school hasn't lived up to its end of the bargain, and has not done enough to find her a job.Thompson, who was an information-technology student, blamed the school's Office of Career Advancement for not providing her with the leads and career advice it promised. She said that they haven't tried hard enough to help her. Here's my question to Ms. Thompson -- do you realize that 6.5 million workers have lost their jobs since the recession started? Unemployment rates are skyrocketing across the country, with no end in sight.

It's a tough situation to be in, with no jobs, student loans coming due and the current recession. The school has said that the lawsuit is without merits, of course, what else would they say? Monroe's Office of Career Advancement advertises that it offers lifetime free service for graduates and boasts on it website: "We have many resources available for students at any stage of their college career, and even after graduation." Um, Monroe College, Miss Thompson is at the stage in her career where she needs help! While I understand the situation Miss Thompson is in, there are many others who share a similar story of unemployment, but do they sue their alma maters or previous employers? I seriously doubt that.