America’s Saving Perils
American politicians love to blame China and trade deals as the major source of pressure on US jobs and wages. But when it comes to the trade deficits that are weakening America's middle class, the US made its own bed, in the form of a massive saving deficit.
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NEW HAVEN – US politicians invariably bemoan trade as the enemy of the middle class, the major source of pressure on jobs and wages. The current presidential campaign is no exception: Republicans and Democrats alike have taken aim at both China and the Trans-Pacific Partnership, holding them up as the scourge of beleaguered American workers. While this explanation may be politically expedient, the truth lies elsewhere.