Who is "we"? Trade deficit dollars are recycled into assets, which compete with exports in the balance of payments. If you have a big house and fat brokerage account, you win big. If you have a job building shit, you lose big. If you have a job building tradeable shit and a low net worth, may god have mercy on your soul.
If you want the full economist version, "Trade Wars are Class Wars" by Klein and Pettis
Who is "we"? Trade deficit dollars are recycled into assets, which compete with exports in the balance of payments. If you have a big house and fat brokerage account, you win big. If you have a job building shit, you lose big. If you have a job building tradeable shit and a low net worth, may god have mercy on your soul.
If you want the full economist version, "Trade Wars are Class Wars" by Klein and Pettis