Year in and year out, we Americans consume more than we produce, and in recent years, the numbers have been growing. No, it’s not Santa Claus delivering the extra goods. It’s net imports: what we buy from other countries, minus what we sell to them.

Neither White House candidate has talked about this issue, but both have made promises that, if implemented, would end the import sleigh ride and make us poorer.

In 2023, the deficit was $65.4 billion, about equal to what Amazon sells in three months. In 2022, it was even more, at $78.7 billion. If we go back to 1992, it was just $3.2 billion.

How can we consume so much more than we produce each year? It’s partly explained by two trends that aren’t necessarily healthy: It is our nation’s growing government deficit habit, combined with a low rate of private savings. We as a country — government and citizens together — spend more than we earn each year.

But our ability to consume more than we make is how we manage the disparities. And despite Washington’s excesses, this ability is........

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