A government official emphasized to me today what should be clear to anyone who follows Calculated Risk’s charts, namely that a huge element of our trade deficit has nothing to do with China or manufacturing but is instead driven by oil:

Now it’s not unusual that the US is a net oil importer. Most countries are. But America is a much more oil-dependent country than other places are.

From US Trade Deficit is Half Oil

The ongoing bailouts of the Oil Industry are the cause of half of us debt.