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In this episode of the weekly Budget & Tax News podcast, managing editor and research fellow Jesse Hathaway talks with Cato Institute policy analyst Dan Ikenson about how international trade is not a scoreboard to measure a nation’s economic success against other countries, but the best way to improve the lives of everyday Americans, and everyday people all over the world.
Politicians and lawmakers, Ikenson says, may tell us that America is not “winning” the trade deficit, and that countries like China or India are “killing us” by selling American individuals and companies more goods than American companies sell to those respective countries, but he says they couldn’t be more wrong.
Instead of a debt to be repaid, the trade deficit is a measure of how many non-American people are spending their money to buy American things and services. The higher the trade deficit, he says, the more in-demand American goods and services are, and the more Americans of all walks of life benefit.