It’s increasingly the received wisdom in Washington: China’s military power and manufacturing capacity are twin challenges America must face.
Economist David Goldman wants to address the two together through vigorous industrial policy driven by smart defense spending–but his analysis has already met with skepticism in some quarters.
“The United States is going to go bankrupt eventually,” Goldman told The Epoch Times in an April 14 interview.
He cited the country’s long-standing trade deficit, which has been widening for decades as the United States continues importing more in combined goods and services than it exports.
A truck passes by shipping containers at the Port of Los Angeles after tariffs on Chinese imports were imposed by President Donald Trump in Long Beach, Calif., on Sept. 1, 2019. (Mark Ralston/AFP/Getty Images)
Goldman worries about the country’s net foreign asset position. As of the fourth quarter of 2022, Americans were on the hook for more than $16 trillion in foreign liabilities….