November trade deficit rises 10.4% as exports fall

posted at 9:25 am on January 13, 2012 by Ed Morrissey

Wonder how we could have gotten stuck at a 2.0% GDP growth rate in Q4?  Novembers import and export numbers might tell a big part of the story.  The trade deficit jumped more than ten percent as American exports fell, while import purchases driven by oil shot upward, while the year-on-year trade deficit rose almost 9%:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total  November exports of  $177.8 billion and imports of $225.6 billion resulted in a goods and services deficit of  $47.8 billion,  up from $43.3 billion in October, revised.   November exports were $1.5 billion  lessthan  October exports of $179.4 billion.   November imports were $2.9 billion more than October imports of $222.6 billion.

In  November, the goods deficit  increased $4.6 billion from  October to $63.2 billion, and the services surplus increased $0.1 billion from October to $15.4 billion.  Exports of goods decreased $1.5 billion to $126.6 billion, and imports of goods increased $3.1 billion to $189.7 billion.  Exports of services  were virtually unchanged at  $51.3 billion,  and imports of services decreased $0.2 billion to $35.9 billion.

The goods and services deficit increased $8.9 billion from November 2010 to  November 2011.  Exports were up $16.6 billion, or 10.3 percent, and imports were up $25.5 billion, or 12.7 percent.

Oil prices increases can explain the increased import numbers, but only in part.   Industrial supplies imports increased $2.7 billion, for instance, the largest increase in the report, followed by automotive vehicles, parts, and engines, and then capital goods.  That could be a sign of catching up from the supply-chain issues created by the tsunamis in Japan at the beginning of the year, but most of that should have already taken place.

What about the export numbers?  Again, the big categories for decreases were the same categories where increases in imports took place.  The market share for US firms in those businesses appear to have fallen rather than an increase in demand that US manufacturers couldn’t meet.

Reuters reports that this is the worst trade deficit report since June, when the quarterly GDP growth rate sunk to 1.3%:

The trade deficit widened in November to its largest in five months, suggesting imports weighed on economic growth more heavily than expected during the fourth quarter.

The trade gap totaled $47.8 billion, exceeding analysts’ forecast of a $45.0 billion deficit, Commerce Department data showed on Friday. …

It was the biggest increase in imports since May, according to seasonally adjusted figures. The average price for imported oil rose to $102.50 per barrel, up 3.7 percent from October. The volume ofoil imports also rose.

Reuters tries to put a good spin on it, though:

Just as higher imports might be a sign of increasing consumer demand within the country, the drop in exports might reflect the recent cooling in the global economy.

It’s possibly true that we had such a big jump in consumer demand that it benefited both imports and domestic producers.  Then again, the overall GDP for Q4 was … 2.0%, which doesn’t indicate that much of a boost in demand.  It looks more like American manufacturers struggling with competitiveness abroad and at home, while importers gained some ground in a weak economy.  That’s not the end of the world, and certainly this could turn around with the right economic policies in place — especially in energy production.  However, our current administration isn’t taking those steps, so we can expect more mediocre-to-lousy news in the near future on the trade deficit and American competitiveness.


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Econ 101: Money is a means of transaction that can be redeemed for goods and services.

abobo on January 13, 2012 at 9:30 AM

Unexpectedly!
Surprise! Surprise!
Then…cricketts

KOOLAID2 on January 13, 2012 at 9:31 AM

Homer “barack” Simpson: Doh!

DuctTapeMyBrain on January 13, 2012 at 9:35 AM

No problem. Obama just has to declare China to be one of the 57 states. That will fix it right up.

4of8 on January 13, 2012 at 9:35 AM

Good News….a little morning giddiness for hot has disciples

residentblue on January 13, 2012 at 9:36 AM

Cripe. I’m stuck in a country with fools buying everything out of Japan and led by some dolt who wants everyone in parks smoking dope and cussing rich people.

IlikedAUH2O on January 13, 2012 at 9:36 AM

But!…But!…BUTT!…We have those 3 words…”MADE IN AMERICA” going out ALL OVER THE WORLD!…
Ohhhhhh! He meant Canada, and South AMERICA! ok!…Never mind!
I forgot about the Canadian tour buses, all the loans to Soros South American companies, etc. (Holds head in hands!)

KOOLAID2 on January 13, 2012 at 9:36 AM

No worries…as soon as the rest of the world realizes how awesome Chevy Volts, Solyndra solar panels, and LightSquared products are, the economy will be running like a stabbed rat.

St Gaudens on January 13, 2012 at 9:37 AM

Repeal all export taxes.

Akzed on January 13, 2012 at 9:37 AM

Don’t blame me part 2
-dear leader

cmsinaz on January 13, 2012 at 9:42 AM

Within 20 years, someone will write a book about the biggest fraud in the history of the world….Barack Obama. I just hope that book is not in Chinese.

esr1951 on January 13, 2012 at 9:45 AM

“Well that sucks…….Ok then I’m off to Hawaii again. Wish me a good time, everyone!”

-PBHO

Bishop on January 13, 2012 at 9:46 AM

I think we need to increase union membership. That’ll fix everything.

/BHO

Key West Reader on January 13, 2012 at 9:50 AM

Yup, Barack Obama drafted and signed NAFTA back in the 1990s. I sure do hate time machine President Obama. Are we really going to blame the President for globalization? Someone, somewhere is making money, that’s the free market no?

libfreeordie on January 13, 2012 at 9:50 AM

“Well that sucks…….Ok then I’m off to Hawaii again. Wish me a good time, everyone!”

-PBHO

Bishop on January 13, 2012 at 9:46 AM

Might as well….
Michelle left the other day…..
The dog will be leaving tomorrow…

Electrongod on January 13, 2012 at 9:51 AM

The dog will be leaving tomorrow…
Electrongod on January 13, 2012 at 9:51 AM

In his own C5 Galaxy or did PBHO order the Enterprise carrier battle group to deliver the dog?

Bishop on January 13, 2012 at 9:54 AM

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that . . .

Surefire opening for a fascinating article.

Dextrous on January 13, 2012 at 9:56 AM

However, our current administration isn’t taking those steps, so we can expect more mediocre-to-lousy news in the near future on the trade deficit and American competitiveness.

That is because numbers are hard. And it is easy to blame-shift the causes. As a result the administration does not care. If we want them to take steps for the right economic policy, we need to tie the trade deficit to something Obama cares about.

Perhaps performance based vacations. The trade deficit would dictate just how many days and how much taxpayer dollars can be spent on one of the many times the royal family decides that it needs to leave the continental United States on holiday.

Perhaps limiting Obama to domestically produced golf equipment.

Whatever, if you want Obama to take action you have to make it so that there is something in it for Obama. Otherwise you might as well be talking to the teleprompter.

Happy Nomad on January 13, 2012 at 9:56 AM

This can’t be, must be Bush’s fault.

angrymike on January 13, 2012 at 9:59 AM

Someone, somewhere is making money, that’s the free market no?

libfreeordie on January 13, 2012 at 9:50 AM

Oh! JugEars is MAKING PLENTY OF MONEY! (the Chicago way)…He just doesn’t produce anything!

KOOLAID2 on January 13, 2012 at 10:00 AM

Pretty much in line with the global story we have been seeing – cooling of emerging economies (namely China), slowdown in Europe, and strengthening of US consumption. But more than anything, this is a direct result of the strength of the US dollar and the weakness of the Euro. Basically, our stuff is expensive (so our exports fall) and their stuff is cheap (so we are buying more of it).

Markets taking a mini-powder this morning over the S&P story of potential European downgrades (old news), but consumer confidence (mid-Jan estimate) came in very strong, which is good news.

Not sure what you mean about 2.0% 4Q GDP … 4Q11? First look at that number is not due for a couple of weeks …

TouchdownBuddha on January 13, 2012 at 10:02 AM

How bout Goldman Sachs? Can we export them? That will bring us, well, not much, but it will make me happy.

Terri on January 13, 2012 at 10:08 AM

Yup, Barack Obama drafted and signed NAFTA back in the 1990s. I sure do hate time machine President Obama. Are we really going to blame the President for globalization? Someone, somewhere is making money, that’s the free market no?

libfreeordie on January 13, 2012 at 9:50 AM

Open a separate window on your browser. Go to a search engine. Look up ‘Smoot-Hawley & Great Depression’. Look up ‘benefits & free trade’. Look up ‘high tariffs & negative & economic impact’.

And you write as if globalization is the problem. It isn’t. Globalization is a neutral result, not an end-goal, and can be weighted good or bad only within the context of a specific instance, such as when one country has unfair advantage over others–like China, for example, which cheats as a matter of course in every aspect, from currency valuation to copyright and patent infringement.

American jobs are not saved by imposing higher tariffs or the impelementation of other protectionist policies. However, protectionist policies sell well to labor leaders, most or all of whom are evidently economic illiterates.

troyriser_gopftw on January 13, 2012 at 10:17 AM

Senator Obama calls Bush unpatriotic and irresponsible for debt increase. See video here.

bloggless on January 13, 2012 at 10:19 AM

troyriser_gopftw on January 13, 2012 at 10:17 AM

So then you disagree with Ed that this is somehow the President’s fault. Right?

libfreeordie on January 13, 2012 at 10:25 AM

O/T S&P downgrades France!!!

Bob in VA on January 13, 2012 at 10:27 AM

However, our current administration isn’t taking those steps, so we can expect more mediocre-to-lousy news in the near future on the trade deficit and American competitiveness.

….but our current administration seems to be getting plenty of cover from the MSM.
I don’t get this Captain….
……is this measurement of the economy on the same level as “jobs created”:

http://www.ft.com/cms/s/0/29bdb8a0-3d27-11e1-8129-00144feabdc0.html#axzz1jLvCCw3L

Separately, first-time claims for unemployment benefits rose to 399,000. Economists say claims need to stay below 400,000 to sustain job growth.

….it’s like when Obama reached the White House…a whole new set of rules were instituted.

Baxter Greene on January 13, 2012 at 10:34 AM

Another victory for Real America. Congratulations. Enjoy your Freedom Fries.

KeninCT on January 13, 2012 at 10:37 AM

libfreeordie on January 13, 2012 at 10:25 AM

democrats yelled and screamed that the “buck stops at the Presidents desk” when Bush was President……
………..So by the democrats own standards….Obama is responsible for this.

Baxter Greene on January 13, 2012 at 10:40 AM

libfreeordie on January 13, 2012 at 10:25 AM
democrats yelled and screamed that the “buck stops at the Presidents desk” when Bush was President……
………..So by the democrats own standards….Obama is responsible for this.

Baxter Greene on January 13, 2012 at 10:40 AM

Baxter…come on! What standards! Democrats/standards=oxymoron. They live in their own little world.

KOOLAID2 on January 13, 2012 at 10:57 AM

democrats yelled and screamed that the “buck stops at the Presidents desk” when Bush was President……
………..So by the democrats own standards….Obama is responsible for this.

Baxter Greene on January 13, 2012 at 10:40 AM

And when the next President is a Republican then the discourse will be reversed and all positive economic news will be due to Romney and any negative economic news will be leftovers from Obama. I *weep* for the level of political discourse in this country. Is there any ever room to just avoid partisanship and talk about how actual policies produce change in the real world? Its so dumb.

libfreeordie on January 13, 2012 at 10:59 AM

Yup, Barack Obama drafted and signed NAFTA back in the 1990s. I sure do hate time machine President Obama. Are we really going to blame the President for globalization? Someone, somewhere is making money, that’s the free market no?

libfreeordie on January 13, 2012 at 9:50 AM

Wasn’t NAFTA Bill Clinton’s Baby?

And NAFTA just applies to North American Free Trade, not “globalization”.

I know in your world, everyone except Democrats are to blame, but Truth and the Facts simply don’t bear that out.

Del Dolemonte on January 13, 2012 at 11:01 AM

Exports to the Eurozone?

Speakup on January 13, 2012 at 11:05 AM

Del Dolemonte on January 13, 2012 at 11:01 AM

I’m not a registered Democrat, I don’t particularly like Democrats, I don’t think you’ll see me on this board defending the Democratic party anywhere. You can continue to imagine me as a Democrat all day long. I’m a leftist, I’m a progressive and that means I don’t have a political party in this country. The Democrats and Republicans are the same, they both take money from Wall Street and major corporate interests. But continue to fantasize however you like.

libfreeordie on January 13, 2012 at 11:20 AM

Sorta on topic … anyone ever see Milton Friedman’s 1980 PBS Series Free to Choose? He addresses trade deficits and calls for the unilateral elimination of all tariffs, both import and export. Makes an extremely compelling case which I have to agree with.

I heartily recommend watching the series if you can get it. Added bonus watching a young Thomas Sowell smacking around the shrew Francis Piven about many of the same points liberals are still arguing today.

Lost in Jersey on January 13, 2012 at 11:30 AM

Is there any ever room to just avoid partisanship and talk about how actual policies produce change in the real world? Its so dumb.

libfreeordie on January 13, 2012 at 10:59 AM

You might want to try by cleaning up your own back yard.

We have a President and an administration that calls Americans who disagree with them “the enemy”….”racist”….”confused and dumb”……
….elected democrats that have told American audiences that Republicans should be lined up against the wall and shot….


The progressive “climate of hate:” An illustrated primer, 2000-2010

By Michelle Malkin • January 10, 2011 03:19 AM
http://michellemalkin.com/2011/01/10/the-progressive-climate-of-hate-an-illustrated-primer-2000-2010/


Obama:
‘If They Bring a Knife to the Fight, We Bring a Gun’

Obama:
We’re gonna punish our enemies and we’re gonna reward our friends who stand with us on issues that are important to us,’


“I won’t you to argue with them and get in their face”

Barack Obama 9/17/08


“A Republican majority in Congress would mean “hand-to-hand combat” on Capitol Hill for the next two years, threatening policies Democrats have enacted to stabilize the economy,”

Obama, October 6, 2010

“Here’s the problem: It’s almost like they’ve got — they’ve got a bomb strapped to them and they’ve got their hand on the trigger. You don’t want them to blow up. But you’ve got to kind of talk them, ease that finger off the trigger.”
Obama on banks, March 2009

“I don’t want to quell anger. I think people are right to be angry! I’m angry!”
Obama on ACORN , March 2010

(D) Kanjorski:

“That Scott down there that’s running for governor of Florida,” Mr. Kanjorski said. “Instead of running for governor of Florida, they ought to have him and shoot him. Put him against the wall and shoot him.


Maxine Waters to tea party
: Go to Hell

(D) Federica Wilson:
The TEA Party is the real enemy

A Helpful Roundup of the Democrats New Tone During the Debt Debate (Updated)

John on July 28, 2011 at 5:11 pm
http://www.verumserum.com/?p=27802

In the last week or so, progressive politicians and their top media allies have really taken their rhetoric to a new level:

Rep. Nancy Pelosi – “We’re trying to save life on this planet as we know it today.”
Rep. Nancy Pelosi – “They want to destroy your rights.”
Sen. Harry Reid – “The time for ideological extremism should end.”
Rep. Rangel – “These people don’t care about our country.”
Comm. Director Dan Pfeiffer – “…could potentially put us towards a depression because House Republicans…are unwilling to compromise.”
DNC Chair Debbie Wasserman-Schultz – “This is almost like dictatorship.”
Rep. Garamendi (D-CA) – “They basically want to terminate the American Dream.”
Rachel Maddow Show – “shameless, craven, unprincipled, partisan hackery”
Tom Friedman – “If sane Republicans do not stand up to this Hezbollah faction in their midst, the Tea Party will take the G.O.P. on a suicide mission.”
Rep. Hoyer – “They want to shoot every bullet they have at the president.”
Van Jones – “They want to repeal the 20th century. They want to smash down every American institution our grandparents fought for…”
Joe Klein in Time – “Osama bin Laden, if he were still alive, could not have come up with a more clever strategy for strangling our nation.”
Steve Rattner on MSNBC – “It’s a form of economic terrorism…These Tea Party guys are like strapped with dynamite standing in the middle of Times Square at rush hour saying either you do it my way or we’re going to blow you up, ourselves up, and the whole country with us.”
Paul Krugman in NY Times – “Republicans have, in effect, taken America hostage…”
William Yeomans at Politico – “they have now become full-blown terrorists. They have joined the villains of American history who have been sufficiently craven to inflict massive harm on innocent victims to achieve their political goals.”
Martin Frost at Politico – “We now have a group of U.S. politicians seeking political purity, who seem to have much in common with the Taliban.”
Rep. Schakowsky – “Republicans, stop fragging the American economy and the American people!”
Margaret Carlson – “they’ve strapped explosives to the Capitol and they think they are immune from it.”
Rep. Mike Doyle – “This small group of terrorists have made it impossible to spend any money.”
VP Biden – “They have acted like terrorists”

How Progressive!!!!

Baxter Greene on January 13, 2012 at 11:40 AM

So then you disagree with Ed that this is somehow the President’s fault. Right?

libfreeordie on January 13, 2012 at 10:25 AM

I agree with Ed that the President is to blame for poor economic policies–policies, by the way, which have been proven failures in every real-world attempt to implement them. The President is a far-Left liberal whose base is more or less hostile to free market principles. Most liberals don’t have the faintest idea how businesses are ran or how wealth is created–hence the ridiculous, job-killing energy regulations put in place by the Obama Administration.

So yes, the President is partly to blame for trade deficits. Runaway regulation caused by Obama’s bypass of Congress is stifling domestic energy production, which in turn causes higher energy prices, which in turn hinders operations in every aspect of every industry, which in turn prevents businesses from expanding and hiring, which in turn causes jobless people to remain jobless.

None of this is an abstract dialectic. If you’re a socialist–and you claim to be to the left of President Obama–then your top-down ideal does not and cannot ever work in the real world. The only thing socialists do well are gulags and thought police.

troyriser_gopftw on January 13, 2012 at 12:31 PM

“The only thing socialists do well are gulags and thought police.”

Thread Winner!!!

pos4thst on January 13, 2012 at 12:46 PM

None of this is an abstract dialectic. If you’re a socialist–and you claim to be to the left of President Obama–then your top-down ideal does not and cannot ever work in the real world. The only thing socialists do well are gulags and thought police.

troyriser_gopftw on January 13, 2012 at 12:31 PM

I said I was a leftist, not a socialist. So Western Europe has been thought police and gulag free for quite a while so clearly a most leftist approach to capitalism does not automatically lead to oppression of the citizenry. As for economic stability, free market capitalism (as envisioned by your side) isn’t exactly winning any contests itself these days either. Conservatives used to be able to point to higher employment levels in the U.S. compared to France or Germany, but the left would always point out that the U.S. experiences far more boom and bust cycles than Western Europe did. Savings and Loan, Telecom, internet and now the ultimate example, the housing market. The growth we experienced in the last ten years over Western Europe wasn’t actual economic growth. It was unsustainable, built upon an inflated overvalued market and that’s not the fault of socialism. It is amazing how every single shred of evidence indicates that a lurch to laissez faire style economics in the past few decades has only brought instability to the American economy and yet you all cling to “free market capitalism” as if it were still 2004.

libfreeordie on January 13, 2012 at 12:55 PM

It is amazing how every single shred of evidence indicates that a lurch to laissez faire style economics in the past few decades has only brought instability to the American economy and yet you all cling to “free market capitalism” as if it were still 2004.

libfreeordie on January 13, 2012 at 12:55 PM

The housing boom and bust was a direct result of governmental interference in the housing market, not free market capitalism–and please stop invoking Europe as some sort of paradise, with perpetual rainbows and sunshine, where all the pretty flowers pick themselves. The Europeans spent incredibly small amounts of money for their own defense, meanwhile pouring all of their resources into unsustainable, cradle-to-grave entitlement programs. The bill has come due.

And yes, we cling to free market capitalism as tightly as we cling to our Bibles and our guns.

Come and take them.

troyriser_gopftw on January 13, 2012 at 1:03 PM

So then you disagree with Ed that this is somehow the President’s fault. Right?

libfreeordie on January 13, 2012 at 10:25 AM

The Executive branch controls the federal regulations that limit the effectiveness of American businesses to compete.

dominigan on January 13, 2012 at 1:08 PM

I’ll repost what I’ve posted elsewhere, as its relevant to this thread.
We don’t have REAL free market capitalism, because the government and unions are constantly and heavily distorting the market.
Why is our trade deficit going up – because we are sending manufacturing and associated jobs overseas, therefore producing less and importing more.
WHY are companies (like Obummer’s fav GE) moving everything overseas? See below.

The US has the 2nd highest corporate income tax rate in the world ( http://www.nytimes.com/2011/05/03/business/economy/03rates.html?_r=1 ).
The federal government is suffocating businesses with expensive and burdensom regulations ( http://www.bloomberg.com/news/2011-10-25/obama-wrote-5-fewer-rules-than-bush-while-costing-business.html ).
Unions push for ever more costly compensation packages for less qualified and less productive workers, and get more destructive in their strikes when they don’t get their way (see ANY news article about union activity).
And people continue to cry about companies moving operations overseas.
Seriously? You some of you (mainly libs) really can’t understand why that happens?

dentarthurdent on January 13, 2012 at 1:27 PM

he housing boom and bust was a direct result of governmental interference in the housing market, not free market capitalism–and please stop invoking Europe as some sort of paradise, with perpetual rainbows and sunshine, where all the pretty flowers pick themselves.

Man this meme is entrenched deep with y’all. The housing boom was called by the deregulation of the securities and insurance markets in the form of a repeal of portions of Glass Steagill. Period, end of story.

libfreeordie on January 13, 2012 at 1:50 PM

Man this meme is entrenched deep with y’all. The housing boom was called by the deregulation of the securities and insurance markets in the form of a repeal of portions of Glass Steagill. Period, end of story.

libfreeordie on January 13, 2012 at 1:50 PM

You have fecal matter packed into your braincase.

tom daschle concerned on January 13, 2012 at 2:09 PM

Texas again has been ranked the top exporting state, according to data released by the U.S. Department of Commerce.
“Texas’ ranking as the nation’s top exporter for nine years running is a testament to our strong economy and the importance of upholding low taxes, reasonable regulations, a fair legal system and an equipped workforce,” Gov. Rick Perry stated in a news release.

http://www.census.gov/foreign-trade/statistics/state/data/tx.html

Texas’ exports in 2010 totaled more than $206.6 billion, up 26.7 percent from $162.9 billion in 2009.
The state’s exports outperformed overall U.S. exports, which grew by 20.9 percent in 2010.
The state’s top export recipients were Mexico, Canada, China, Brazil and South Korea, which respectively imported $72.3 billion, $18.6 billion, $10.2 billion, $7.1 billion and $6.4 billion in Texas-made goods.

Read more: http://www.city-data.com/forum/politics-other-controversies/1298308-once-again-texas-leads-nation-exports.html#ixzz1jMqySWe3

workingclass artist on January 13, 2012 at 2:20 PM

Man this meme is entrenched deep with y’all. The housing boom was called by the deregulation of the securities and insurance markets in the form of a repeal of portions of Glass Steagill. Period, end of story.

libfreeordie on January 13, 2012 at 1:50 PM

Not quite – you’re stuck on the lib/Dem meme that tries to avoid blame for their part in what happened.

The housing boom was the direct result of Clinton putting teeth into Carter’s Community Reinvestment Act and forcing mortgage companies to loan money without consideration of financial ability to repay the loan – lenders ran with it because 1) they could make more loans and therefore make more money up front and 2) they would face government penalties if they didn’t. The bust came as a direct result of far too many people having mortgages they could not afford to pay, especially when what might have been just a minor recession put many of those people out of work or into lower paying jobs – causing a flood of foreclosures.
Period, end of story.

dentarthurdent on January 13, 2012 at 2:22 PM

Man this meme is entrenched deep with y’all. The housing boom was called by the deregulation of the securities and insurance markets in the form of a repeal of portions of Glass Steagill. Period, end of story.

libfreeordie on January 13, 2012 at 1:50 PM

It’s ‘deeply entrenched’ because it’s true. The housing boom was caused by subprime lending practices initiated by the federal government–going back to Carter. So no, it’s not ‘period, end of story’.

I can’t stand socialists–and yes, if you’re to the ‘left of Obama’, as you stated, then you are, in fact, an old-school Marxist socialist. You state a partial truth or an outright untruth as fact and then claim the argument is over. You and yours have done the same thing with the climate change debate. The science is ‘settled’. Those who question the conclusions of the high priests of AGW are ‘deniers’, which connotes loathsome Holocaust deniers such as Willis Carto. And so on.

Can any of you engage in reasoned discourse on any issue without resorting to fallacy? Ever?

troyriser_gopftw on January 13, 2012 at 2:26 PM

I have been reading HotAir for years, and nothing bothers me more than seeing a blog post implying that a “trade deficit” is a bad thing.

Ed, respectfully, please read Chapter 12 of Henry Hazlitt’s excellent book, “Economics in One Lesson”, a conservative classic. This link has the entire book, but start with Chapter 12 to get a deeper understanding of how “trade imbalances” are both inaccurately described and meaningless.

Individual on January 13, 2012 at 6:00 PM