Heavy Lifting - thoughts and web finds by an economist
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Friday, March 18, 2005
The NYT goes through the usual chin-in-chest discussion about the state of the U.S. economy. Things are looking really good except, gasp, the trade deficit is at an all time high! Egads, we are giving little pieces of paper to non-U.S. citizens and in return they give us plasma televisions, luxury automobiles, and the like.
The trade deficit is not inherently bad. The trade deficit is a boogeyman that the politicians and Paul Krugman use to whip up the economically uninformed. The trade deficit could remain a constant percentage of the U.S. economy and every quarter our GDP increases the trade deficit would once again reach an all time high.
When there is a lot of jumping up and down, pointing and screaming about one thing, I would naturally look a lot closer at those who are doing the jumping than what they are ostensibly concerned about.
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