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The Other Deficit
ByDrum worries:
Our trade deficit is half what it was at its peak. The problem is that
this isn't nearly enough: eventually, we need to pay down all these
loans. That means we need to start running a trade surplus, not merely
a smaller deficit. And we have to do this even though oil prices are
almost certain to rise in the long term and our dependence on foreign
oil is going to continue to grow. I still haven't figured out how this
is going to happen, and as near as I can tell, neither has anyone
else. All the options seem pretty grim, though.
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