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Keeping eyes on the prize

Ted Balaker
July 24, 2007, 1:00pm

In a recent post Alex references some bullet points from a recent Financial Services Forum report. The first points out that globalization has boosted living standards quite a bit; the second highlights America's trade deficit. But the first point should render the second just about meaningless. If living standards are rising, why fret so much about trade deficits? During the 1930s, the US "enjoyed" a trade surplus every year besides 1936. But those old days weren't exactly good. From a 2001 paper by Cato's Daniel Griswold: Related: If things are so great, why do I feel so lousy? Part 5

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