Roach on China and the Road Forward
Moody's Talks - Inside Economics
00:00
The False Narrative of the Trade Deficit in the United States
The U.S. trade deficit is a multilateral problem reflecting our shortfall of domestic savings, he says. The last number I saw was net domestic savings and taking out depreciation,. which is a correct way to look at it, was less than one-and-a-half percent of overall national income. Until we can get our savings rate back up, we're going to have trade deficits in perpetuity, the former Treasury secretary argues.
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