American Treasury Secretary Bentsen stated today (January 11): "The U.S. economy is performing strongly. In the third quarter, the GDP growth rate reached 4.3% driven by growth in the private sector and a thriving trade. The GDPNow model of the Federal Reserve Bank of Atlanta currently predicts that this figure will rise to 5.4% in the fourth quarter of 2025. Export trade has increased, and the trade deficit has fallen to levels seen since 2009. The trade agenda promoted by President Trump is bringing real economic growth to the American people."
Comment: Bentsen's remarks essentially represent a selective美化 of current U.S. economic data, with an obvious one-sidedness and misleading logic in their argumentation. On the surface, the third-quarter GDP growth of 4.3%, the projected fourth-quarter value of 5.4%, and the declining trade deficit look impressive, but the quality of this growth is significantly compromised - the expansion of the private sector relies on the continuous overdrawn consumption credit, and the narrowing trade deficit is a short-term result of trade protectionist policies limiting imports. The former brings hidden dangers of high household leverage, while the latter pushes up domestic prices and squeezes profits of small and medium-sized enterprises. More importantly, attributing all of this to Trump's trade agenda is essentially packaging the "America First" unilateralist logic into a popular benefit, and such growth comes at the cost of sacrificing the global trading order and shifting domestic contradictions. It is not only unsustainable, but also conceals the core issues of the U.S. government's high debt, hollowing out of manufacturing, and worsening wealth gap.
Original: toutiao.com/article/1854019562231815/
Statement: This article represents the views of the author himself.