Great point. Am I wrong though that we have become a nation of borrowers and spenders, and not savers? It seems our government as well as individuals are living on credit not savings. What are some visible signs of this behavior if not the trade deficit?
Also, how much of China’s dominance in manufacturing is due to their efficiency as you say and how much is due to the fact that they peg their currency to the dollar so our dollars buy more of their stuff?