If you don’t think Washington is populated by the world’s greatest collection of idiots, just consider some of today’s incoming data, starting with another disastrous trade report. The trade deficit in goods for August posted at -$89.4 billion, which is nearly the worst monthly figure on record and 40% below the already huge -$63.7 billion deficit posted for the pre-Covid peak in February 2020. And, no, we are not harping here on the trade account’s tsunami of red ink out of some Trumpian affection for protectionism. To the contrary, this is the result of stupid economics – specifically the $6 … Continue reading →

Source: Washington Idiots at Work