Uh-oh! Look out. Those economists are at it again. This time, they are using statistics to show that the trade deficit is actually good for the U.S.

Excerpt from the article:

An almost universal consensus prevails that the record U.S. trade deficit for 2006 was a drag on U.S. economic growth. The consensus reflects a basic assumption that growing imports to the United States displace domestic production, reducing growth of real gross domestic product. But the consensus on trade deficits and growth ignores the actual record of the U.S. economy in recent decades and the positive correlation of imports to domestic production.

Don’t let these people fool you. How could college educated economists with official government statistics possibly be more accurate than college educated journalists shooting from the hip?