Top Economist Says America's Winning Trade War Despite $70.3 Billion In Deficit: US Runs Enormous 'Stuff Surplus' - State Street SPDR S&P 500 ETF Trust (ARCA:SPY)

In a provocative challenge to traditional economic anxieties, top economist Justin Wolfers is reframing the widening U.S. trade gap not as a fiscal failure, but as an enormous physical “surplus” that signals a historic boom in American material wealth.The ‘Stuff’ SurplusWhile the U.S. Census Bureau announced a sharp rise in the goods and services deficit to $70.3 billion for December 2025, Wolfers argues that the public is looking at the ledger backward.“The U.S. has an enormous trade surplus with the rest ...