This week we learned that imports from China hit an all-time record high in October, and that was one of the primary reasons why our trade deficit hit a staggering 48.7 billion dollars during that month. Year after year we buy far more stuff from the rest of the world than they buy from us, and this is systematically impoverishing us.
Let me put this another way. The amount of money that leaves our country each month is far greater than the amount of money that comes into it. When you grasp this concept, it becomes easy to understand why major exporting nations such as China have become so wealthy, and why we are drowning in debt.
Sadly, most Americans don't understand the trade deficit, and so they don't understand how important news like this really is. The following comes from Bloomberg…
The U.S. trade deficit widened in October to a nine-month high on record imports that reflect steady domestic demand, Commerce Department data showed Tuesday.