But he didn't dwell on our huge trade imbalance ($120B) with China and the marvellous help US shoppers are giving to the Chicom Army Inc. and the lovely ICBMs they have thoughtfully aimed at us. This matter gets no attention for some mysterious reason. As we sit here all happy with our W-M and KM junk, the Chinese leadership is in crisis, trying to decide whether ot not to use the missiles now or wait until later. They may soon practice on Taiwan and then what do we do? (Just an idle thought...)
When you look at all the money flows in both directions there is NO balance of payments deficit or "trade imbalance". Investment is also trade and the money we send offshore for imports comes back for our exports AND FOR INVESTMENT in American industry. The money does not just go overseas and disappear. Ultimately it must return or it is inflation in the countries overseas, i.e. useless to those who hold it. The so called "balance of payments deficit" in fact acts as the savings in the American Economy. The savings rate of Americans is near zero. Without a source of investment capital the economy could not expand, could not maintain itself. Because we import more value of goods than we export the difference returns as investment capital and saves our economic butts.
"the marvellous help US shoppers are giving to the Chicom Army Inc"
Suppose Walmart were full of goods made in India instead of China. Would Walmart be ok with you, then?