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Take the blinders off

Published Thursday, February 01, 2007

What's $650 billion among friends? That's the amount of increased income the “net” oil producers have received since 2002. And since most of them are relatively small exporters, more than $600 billion of that money went to just a few of our best friends. I ask these countries the same thing I ask my college-student son: Where's all my money going? As it turns out, a significant amount is not going anywhere. Most headlines rightly blame our trade deficit on the relatively recent run-up in oil prices. Yet evidence actually indicates that we've had a steady trade deficit ...

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