You’ve heard endless debate about the trade deficit, but what about its evil twin, the budget deficit? In this episode, Mark Thornton untangles the truth behind the so-called “twin deficits,” revealing why trade imbalances aren’t necessarily bad, and how government borrowing distorts investment, fuels inflation, and weakens long-term prosperity. Mark cuts through the economic fog and shows what’s really dragging us down.

Additional Resources

“Trade Deficits and Fiat Currencies” by Robert Murphy: https://mises.org/MI_115_A

“The Evil Twins: U.S. Federal Budget Deficits and U.S. Trade” by Jane L. Johnson: https://mises.org/MI_115_B

“The Twin Deficits” by Gary North: https://mises.org/MI_115_C

"A Dollar as Good as Gold" by Lewis E. Lehrman: https://mises.org/MI_115_D

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