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.”

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