Victor Davis Hanson: Chuck Schumer, Nancy Pelosi and Warren Buffet Were Right, Trade Deficits Matter

The Daily Signal Podcast

The Daily Signal

News, Government, Politics, Daily News

4.6 • 1.2K Ratings

🗓️ 23 April 2025

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

For decades, Americans were warned about the severe consequences trade deficits would bring if left unchecked. However, a booming economy, low debt and rising incomes kept fears at bay. Not anymore. The current economic reality paints a much starker picture argues Victor Davis Hanson on today’s edition of “Victor Davis Hanson: In His Own Words:” “ We are being crushed by budget deficits, national deficits, and trade deficits. … Trade deficits matter. We gotta get them down because we have no room to maneuver, given our budget and our national debt. “Look at the budget—just to go back to that year—25 years ago, we were running—I can't believe it—a $236 billion surplus. This was the Grand [Newt] Gingrich, speaker of the House, Bill Clinton budget that was still in effect. We were adding to our national wealth by 2.4% plus of GDP. Now we're running a $1.8 to $2 trillion annual deficit.” 👉Don’t miss out on Victor’s latest videos by subscribing to The Daily Signal today. You’ll be notified every time a new piece of content drops: https://youtube.com/dailysignal?sub_confirmation=1… 👉If you can’t get enough of Victor Davis Hanson from The Daily Signal, subscribe to his official YouTube channel: https://youtube.com/victordavishanson7273… 👉He’s also the host of “The Victor Davis Hanson Show,” available wherever you prefer to watch or listen. Links to the show and exclusive content are available on his website: https://victorhanson.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Amazon offers term time working to their employees, like Anton,
0:05.0	who's home to look after his daughters during their holidays.
0:10.0	Hello!
0:11.0	To him, this is the best sound in the world.
0:13.0	Daddy!
0:14.0	Actually, maybe that's the best sound of all.
0:23.2	Now that's term time working.
0:24.6	Offered at Amazon.
0:26.9	Ten weeks off guaranteed per year.
0:29.1	Mix of paid holiday and unpaid time off.
0:29.9	Conditions apply.
0:34.7	We've been warned that trade deficits of the last consecutive 50 years really don't matter because we grew so much in our GDP and our per capita income.
0:38.3	There were other factors that allowed the trade deficits not to matter as much because we were not running huge budget deficits nor national debt.
0:47.3	Look at the budget. Just to go back to that year, 25 years ago, we were running, I can't believe it, a $236 billion surplus.
0:56.0	This was the grand Gingrich Speaker of the House, Bill Clinton budget that was still in effect.
1:02.0	We were adding to our national wealth by 2.4% plus of GDP.
1:07.0	Now we're running a $1.8 to $2 trillion annual deficit.
1:22.2	Hello, this is Victor Davis-Hansson for the Daily Signal.
1:25.5	I want to talk about red ink.
1:27.3	Red ink is manifested in
1:29.0	trade deficits, budget deficits, and national debt. They're all connected. But here's my point.
1:35.1	We've been warned that trade deficits of the last 50 years, consecutive 50 years, really don't
	...

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