The Wall Street Journal reports that the US trade deficit is at a record high under Joe Biden. The trade gap — the difference between what the United States sells and what it buys from foreign countries — surged 27% last year from $676.7 billion in 2020, according to the AP. Additionally, exports slowed.
The U.S. trade deficit soared to a record $859.1 billion last year as Americans bought foreign goods.
The full-year trade deficit in goods and services for 2021 increased 27% to $859.1 billion, larger than the previous record of $763.53 billion in 2006, the Commerce Department said Tuesday. Annual trade balance records date to 1960.
It’s a record.
In December, the U.S. trade deficit grew by 1.8% to a seasonally adjusted $80.7 billion, just less than the record deficit of $80.8 billion in September, the Commerce Department said.
Imports rose 1.6% in December to $308.9 billion, growing more quickly than exports, which expanded by 1.5% to $228.1 billion. Imports were bolstered by strong consumer demand for cellphones, toys, and automobiles, while the growth in exports was supported by pharmaceutical preparations, auto, and auto parts, and nonmonetary gold.
None of the reports mention that most of the COVID spending splurge went to foreign nations because of the way it was set up.
Without tariffs, much of the recovery money is ending up in foreign economies, but that is part of the Democrat plan. It’s equity, baby.
Our US dollars are going to foreign competitors and it’s slowing down the economy. The media will tell you we have a great economy.
Peter Schiff said 2022 will be worse than 2021,
We’re the mirror image of that now. We’re the world’s biggest debtor nation — record trade deficits. We’ve got no savings. We have a complete bubble economy based on artificially low interest rates, excess consumption financed by debt, and money printing. And we’re about to pay the piper for that.”
He said that we have a lot of economic bubbles that preceded the pandemic.
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