By Ray Hays, www.rayhays.com
According to data from the U.S. Census Bureau:
- In 1990, the U.S. trade deficit with China was $10.4 billion….
- In 2000, the deficit was $83.8 billion…
- In 2010, the trade deficit was $273.0 billion.
- Where will we be in 2020?
- How can we reverse course?
- And finally… Was Adam Smith Chinese?
[Excerpt from Smith, 1776, book IV.] … Nothing, however, can be more absurd than this whole doctrine of the balance of trade, upon which, not only these restraints, but almost all the other regulations of commerce are founded. When two places trade with one another, this [absurd] doctrine supposes that, if the balance be even, neither of them either loses or gains; but if it leans in any degree to one side, that one of them loses and the other gains in proportion to its declension from the exact equilibrium.