I’ve got some great news—the “trade deficit” reached an all-time high in 2004; net imports are as high as 5.3% of GNP—the most of any industrialized country.
Why is that great news? Lots of reasons.
It shows that Americans are so wealthy, we can afford to import all of these great goods from all over the world.
It’s a sign that America is taking its role as a cosmopolitan country to new heights as more and more cities get access to more and more foreign culture.
It demonstrates that in light of all the protectionist rhetoric and scare tactics, industrialists aren’t being deterred to bettering the economy.
It captures the countless jobs created—some through the efficiency gains and others through the construction and financing opportunities as our currency re-enters the economy in the form of capital investment.
Indeed, 13,000 fewer people filed for unemployment last week than the week before last.
It is evidence that capitalism is spreading, and with it prosperity, as people in foreign countries rise out of poverty and into a world of productive invention and entrepreneurship.
And because the trade deficit isn’t a deficit, we don’t have to repay it; at the end of the day everyone gets extra stuff.
When you go through the economics and look at the data, you discover the only bad part about this facet of the economy is ignorance that’s taken over the discussion.