The U.S. trade deficit is a leitmotif for newspapers in need of possible doomsday scenarios. Economics is an inexact art that is governed by the impulses and psychology of man. In this way, logic is absent in the way the deficit is described these days - that is it's black and white. It's more a political and partisan debate than anything else.
It's not suggested that it be ignored but there are ways to deal with it.
The Montreal Canadiens are more likey to win a Stanley Cup than the U.S. falling to its economic knees for trade imbalances. As for those who overtly (or covertly) hope that the American economy falters: beware of what you wish for.
The U.S. economy has other more important issues to contend with before the trade deficit.
www.mises.org/story/2029
www.cato.org/testimony/ct-dg061198.html
Take the Mises quiz here.
As for my results I unashamedly present mine:
Your score is: 93 / 100.
Each question is followed by an Austrian School answer (4 points), a Chicago School answer (2 points), a Keynesian-Neoclassical School answer (1 point), and a Socialist answer (no points)
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