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Globalization did not hollow out the U.S. middle class
marginalrevolution.com/marginalrevolution/2025/05/globalization-did-not-hollow-out-the-u-s-middle-class.html
From Noah Smith:
Trade deficits are an even smaller amount of GDP. U.S. imports of manufactured goods minus exports are equal to about 4% of GDP per year. Our trade deficit with China is about 1% of GDP.
In terms of imported components, America manufactures most of what it uses in…
This story appeared on marginalrevolution.com, 2025-05-08 18:49:59.