Abstract
m Probably most of the readers of this journal are aware that the United States INTRODUCTION: has been running a deficit in its merchandise trade account for some years. Ever When Is a Deficit since 1976, in fact, imports of merchandise have exceeded exports in every quarReally a Surplus? ter. In as much as the trade balance is a component of GNP, the deficit has been reducing the level of GNP by around $30 billion a year. Most of us are aware, also, that it is the high price of oil that has caused the deficit. We have been transferring some of our GNP to OPEC.
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