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Notable & Quotable: Robert Bartley on Trade Balance Fictions - WSJ

In fact, the United States ran a trade deficit in nearly all of its first 100 years, and ran surpluses in the midst of the Great Depression. A trade deficit is typical of rapidly growing economies, which require a disproportionate share of the world’s resources, and provide investment opportunities to balance the equation. Indeed, under the accounting identity, investment inflows must be balanced with a deficit on the trade account. The mystery is why we even collect these figures; if we kept similar statistics for Manhattan Island, Park Avenue could lay awake at night worrying about its trade deficit.

#USAUSA #trump #tariffs #trade-balance - wsj.com

The manufactured nostalgia of Trump’s tariffs

From the 1950s through the 1970s, for example, Black men and white men in the U.S. were employed in manufacturing at roughly similar rates. Yet, the average white man working the industry was paid substantially more than his Black counterpart — a difference of more than $10,000 a year in today’s dollars. On top of those wage differences, Black families also faced further discrimination in access to education, low-cost mortgages, and rapidly growing suburban neighborhoods.

#USAUSA #racism #tariffs - msnbc.com

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