Two pieces of news from WSJ about the US economy:"The U.S. trade deficit hit another record in January amid increasing political jitters in Congress over rising imports from China and America's increasing reliance on foreign capital. The deficit came in at $68.51 billion, expanding 5.3% beyond the December shortfall, the Commerce Department reported. Exports of goods and services rose 2.5% to a record $114.47 billion, largely on strong shipments of aircraft and other manufactured goods. Economists predict the trend will continue well into the year as demand increases in Japan and Europe. But imports rose a faster 3.5%, to a record $182.88 billion, reflecting an increase in imports of autos and various petroleum products, though the cost of overall crude-oil imports declined"
The second one is:
" U.S. households' total net worth rose 2.3% to $52.11 trillion as consumers took on slightly less debt in the period, the Federal Reserve reported in its quarterly "flow of funds" data. Net worth measures household assets minus liabilities. Yesterday's report shows that "consumers are in quite good shape," said Bob Mellman, an economist at J.P. Morgan Chase & Co. But he expects the growth of Americans' net worth -- and consumer spending -- to slacken in coming months as the housing market slows."
Nothing is perfect, there are tons of people (literally, Americans, on the average, are heavier than Turks) who complain about the trade and current account deficits. Yet, the overall measure of America's well-being, total net worth, keeps increasing. You know what they say about these economists: economists have successfully predicted 9 out of the last 5 recessions.
They are not different in Turkey.
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