The trade deficit didn't exist as a pervasive thing until the 1970s, coincidentally the same time the US completely abandoned all pretense of adhering to the Bretton Woods system and Nixon closed the gold window. The US was an industrial powerhouse with plenty of extorts and trade without a deficit, and there was growing prosperity for all economic classes with less wealth concentration. Trade deficits and spending deficits are not essential to prosperity at all.
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