United States Trade Deficit
The U.S. has held a trade deficit starting late in the 1960s. Its trade deficit has been increasing at a large rate since 1997 (See chart) and increased by 49.8 billion dollars between 2005 and 2006, setting a record high of 817.3 billion dollars, up from 767.5 billion dollars the previous year.
The graph indicates that, as Frédéric Bastiat predicted, the deficit slackened during recessions and grew during periods of expansion. Also of note, many economists calculate trade deficits and/or current account deficits as a percentage of GDP. The US last had a trade surplus in 1975. Every year there has been a major reduction in economic growth, it is followed by a reduction in the US trade deficit.
Read more about this topic: Balance Of Trade
Famous quotes containing the words united states, united, states and/or trade:
“Vanessa wanted to be a ballerina. Dad had such hopes for her.... Corin was the academically brilliant one, and a fencer of Olympic standard. Everything was expected of them, and they fulfilled all expectations. But I was the one of whom nothing was expected. I remember a game the three of us played. Vanessa was the President of the United States, Corin was the British Prime Minister—and I was the royal dog.”
—Lynn Redgrave (b. 1943)
“What makes the United States government, on the whole, more tolerable—I mean for us lucky white men—is the fact that there is so much less of government with us.... But in Canada you are reminded of the government every day. It parades itself before you. It is not content to be the servant, but will be the master; and every day it goes out to the Plains of Abraham or to the Champs de Mars and exhibits itself and toots.”
—Henry David Thoreau (1817–1862)
“Courage, then, for the end draws near! A few more years of persistent, faithful work and the women of the United States will be recognized as the legal equals of men.”
—Mary A. Livermore (1821–1905)
“The Creator has not thought proper to mark those in the forehead who are of stuff to make good generals. We are first, therefore, to seek them blindfold, and then let them learn the trade at the expense of great losses.”
—Thomas Jefferson (1743–1826)