The history of the balance of payments in the U.S. can be divided up into five stages
Stage I: The U.S. is a young debtor nation (1770-1870) -We have a current account deficit due to the need to import most goods and inability to produce many goods for export. -We have a capital account surplus due to a great deal of foreign investment in the U.S. in the areas of roads, farming, cattle ranches, railroads, and canals.
Stage II: The U.S. is a mature debtor nation (1870-1920) - There is still a current account deficit due to large investment income being paid back to foreign investors based on the investment of stage I. The merchandise account is in surplus -- exports > imports.
Stage III: The U.S. is a young creditor nation (1920-1945) -There is a huge surplus in the current account due to large volume of postwar (WWI) exports. -The capital account is now in deficit due to a great deal of U.S. investment in Europe for postwar reconstruction.
Stage IV: The U.S. is a mature creditor nation (1945-1980) -The current account has a merchandise deficit -- exports < imports but an investment income surplus with a slight net surplus overall. -The capital account is in deficit largely due to postwar (WW II) reconstruction in Europe and Japan.
Stage V: (1980- ) -There is a large (and growing) deficit in the merchandise accounts (The Trade Deficit) and a slight surplus in the investment income accounts. -There is a large surplus in the capital account partially to finance the above merchandise deficit (foreign individuals and banks lending money to individuals in the U.S.) Additionally, since the U.S. has had a low inflation rate since 1982 and consistent economic growth , the U.S. has been a good place to invest relative to the rest of the world. However the current inflow of capital investment could eventually lead to large investment income payments in the near future. The investment income surplus we now enjoy may soon be eroded thus worsening the current account deficit.
I have seen many numbers for the Marshall Plan in Europe, but I actually have never seen a number for the U.S. funding of Japanese post-war reconstruction. If you have a good source on this one, I would be most appreciative.
As we will find out.....all too soon, I fear. And no one to blame but ourselves.