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"The trade deficit is not something I would lose a lot of sleep over. If you look at history, for example during the Great Depression of the 1930s we had a trade surplus every single year. It didn’t help us get out of the Great Depression. By the same token, during the prosperity of the nineties we had a trade deficit every year, and that didn’t stop the prosperity. Those words [trade deficit] have a lot more emotional impact than they have economic impact." |
"The trade deficit is not something I would lose a lot of sleep over. If you look at history, for example during the Great Depression of the 1930s we had a trade surplus every single year. It didn’t help us get out of the Great Depression. By the same token, during the prosperity of the nineties we had a trade deficit every year, and that didn’t stop the prosperity. Those words [trade deficit] have a lot more emotional impact than they have economic impact."When you consider that "the trade deficit" and net foreign investment in America are an accounting identity, you can see why there might be worse things to worry about than that evil "deficit."