Editor’s note: This is a lightly edited transcript of today’s video from Daily Signal Senior Contributor Victor Davis Hanson. Subscribe to our YouTube channel to see more of his videos.
I want to talk about red ink.
Red ink has manifested in trade deficits, budget deficits, and national debt. They’re all connected, but here’s my point: We’ve been warned that trade deficits of the last consecutive 50 years really don’t matter because we grew so much in our gross domestic product and our per capita income.
But there were other factors that allowed the trade deficits not to matter as much, because we were not running huge budget deficits, nor had national debt climbed to the present levels. As well as, we weren’t the beneficiaries of a tech revolution in Silicon Valley. And we were not yet beneficiaries of being a net oil producer, rather than importer.
But, let me…
