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It is not a new position to take. Throughout the 1980s, "Supply-Side" economists supported the philosophy and fiscal administration of the Ronald Reagan presidency. Supply-Siders assured American policy-makers that a rapidly rising trade deficit was something to be accepted hand-in-glove with the country's recovery from the devastating recession of the late 1970s/early '80s. Supply-Side advocates since have found evidence to support their argument: the policies of Reagan's successor, George Bush, aimed at decreasing the U.S. trade deficit - those policies also coincided with a slide back into recession.
It is easy to see why attacking the trade deficit is a popular issue for American politicians. In no other area of domestic concern is it so easy to pin the blame upon outside forces. Is the U.S. behind because of low worker productivity, as a Japanese politician made the diplomatic mistake of suggesting last year? No, statistics and American politicians point out the opposite: U.S. worker productivity leads the world. In 1990 the average U.S. worke
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