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Title : Washington Post Reporting That Does A Disservice
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Washington Post Reporting That Does A Disservice

A Don Boudreaux missive of the alphabet to the Washington Post:

Editor:

A headline today at your website reads: “U.S. posts a tape merchandise deficit inwards goods despite ‘America First’ policies.”

I’m everlastingly mystified that reporters notice newsworthy the fact that a province whose economical output is close lxxx pct services buys from other countries to a greater extent than goods – to a greater extent than tangible materials – than it sells to other countries.

Consider the Jones household inwards which dad plant equally a teacher, mom plant equally a reporter, too missy Ann plant inwards the garage manufacturing hand-made jewelry that she too then sells. It is non unreasonable to suppose that of the value of the Joneses’ full output – the amount of the value of mom’s labor, of dad’s labor, too of Ann’s jewelry – lxxx pct is services rather than goods.

Gi­­ven that lxxx pct of what the Joneses attain too sell is services, would it live newsworthy that the Joneses purchase to a greater extent than groceries, to a greater extent than clothing, to a greater extent than furniture, to a greater extent than medicines, too to a greater extent than of other physical goods from others than they sell to others? Should the Joneses fret that, twelvemonth subsequently twelvemonth subsequently year, they run merchandise deficits inwards goods? Would the Joneses growth their household wealth if, inwards social club to eliminate their ‘goods deficits,’ mom too dad quit their relatively high-paying jobs to bring together Ann inwards making homemade jewelry?

If you lot sympathise that the answers to these questions are all ‘no,’ why attain you lot decease along to study the U.S.A. of America economy’s merchandise deficit inwards goods equally if it is non alone newsworthy, only also troubling?

Sincerely,
Donald J. Boudreaux
Professor of Economics
and
Martha too Nelson Getchell Chair for the Study of Free Market Capitalism at the Mercatus Center
George Mason University
Fairfax, VA 22030

The higher upwards originally appeared at Cafe Hayek.

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