The trade deficit excluding oil has returned to where it was before the recession. (Including oil, it is better than Dec 2007 — as the recession has given a respite to the approach of peak oil). This is more evidence that the recession — and our response to it — produced no structural changes. No fixes to the imbalances slowly wrecking the US economy.
We get a small bounce from the trough and we re-start the party. America borrowing to sustain its standard of living — and Empire. Fun, but not likely to last long. It may already be ending.
About the trade deficit
Other posts about the recession
- Never waste a crisis. That just makes the next one inevitable and probably worse.
- Hidden truths about the state of the US economy
- What lies ahead for the US economy? the global economy?
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