The U.S. trade deficit climbed to a record high for the fifth straight year, with 2006 imports exceeding exports by $764 billion, the Commerce Department reported yesterday. The gap reflects higher oil prices, which increased the nation's import bill, and American consumers' rising appetite for foreign-made goods. (Washington Post, Wednesday)
In a global economy, what does this story even mean?
FEE Timely Classic
U.S. Trade Deficits Aren't a Problem by Roger Nils Folsom and Rodolfo Alejo Gonzalez
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