(Don Lee – Los Angeles Times)
Throughout his young presidency, just as he did in the campaign, Donald Trump has insisted that much of what’s wrong with the U.S. economy boils down to one thing: big trade deficits.
If only the United States sold more to the rest of the world than it bought overseas, Trump argues, the country would take a dramatic turn for the better. That would be true especially in manufacturing, the thinking goes, where the shift to foreign factories has cost millions of American jobs.
But focusing so much on the trade deficit as a scorecard on economic health, many experts say, is not only misguided, but it also diverts attention and resources away from problems that will have a far bigger impact on Americans’ long-term well-being. Click here to read more.