Why are deficits bad? Step by step, if you can?
Why are deficits bad??? Are you joking? Obviously, I don’t have a degree in Economics, but I’m going to take a stab at it.
Huge trade deficits are bad because we are spending more money than we are taking in. What happens when someone spends more than they earn? They end up filing BK.
We are enriching one(or several)economies at the expense of our own. In Red China’s case, we are financing our destruction, and encouraging horrible practices such as slavery. China sucks!
When we import more than we export, it affects the average worker here in the US. If we don’t have a buyer for a product, the worker loses his/her job producing that product.
Now, you tell me why trade deficits are good for America?
Btw, thank you for forcing me to use my brain. I’ve been sick and trust me, this has taken me over 30 minutes to collect my thoughts. Like cod liver oil, it’s good for me :)