Exports and Imports Trade Deficit Term Paper

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S. deficit in ATPs in 2004.

In 2004, the U.S. borrowed $665 billion annually from foreign lenders to finance its enormous trade deficit, an amount equivalent to $5,500 per American household (Bivens, 2004). This borrowing entails serious consequences for the U.S. economy that have thus far been subdued by low interest rates. However, if the deficit follows current trends, Bivens projects that the external debt of the U.S. will rise from 24% of total GDP at the end of 2003 to 64% by 2014 and the cost of servicing just the additional debt incurred from 2004 to 2014 will rise to 1.

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7% of GDP by 2014 or $250 billion in 2004 dollars. These numbers translate into a painful reduction in the future living standards of American households......

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