Wednesday, May 12, 2004

Another interesting tidbit from the newly released trade figures for March is the declining US services trade surplus. The services surplus fell by $650bn from 2003:IV to 2004:I, and although it is up 9% over this period last year, it is down 1.8% from the level of 2002:I. But it's all good; as Dan Drezner keeps telling us, outsourcing makes us all rich -- and the corollary (as Dick Cheney keeps telling us), deficits just don't matter anymore!

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