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  • See Peter Morici, New American Contract Policy Paper: Recalibrating U.S.-China (June 11, 2009), <a href="http://www.newamerica.net/publications/policy/recalibrating_u_s_china">http://www.newamerica.net/publications/policy/recalibrating_u_s_china</a> (???With the trade deficit at 5 percent of GDP, Americans must spend 105 percent of what they earn, or the supply for U.S. goods and services exceeds the demand, inventories of new homes, cars and other goods mount, layoffs result, an
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