19.4k views
5 votes
What single product drove the U.S. deficit in 2012?

User Crews
by
7.6k points

1 Answer

1 vote

Final answer:

The U.S. trade deficit in 2012 was approximately $540 billion, influenced by factors such as military spending, social programs, and changing tax revenues during the Great Recession, rather than a single product.

Step-by-step explanation:

The question concerns the U.S. trade deficit in 2012, which is a topic within the field of Social Studies, more specifically economics and contemporary American history.

In 2012, the United States experienced a significant trade deficit, which is the difference between the value of a country's exports and the value of its imports. The trade deficit was reported to be around $540 billion.

Major factors contributing to the U.S. trade deficit included high military expenditures, entitlement programs, and a decrease in tax revenue, alongside an increase in safety net support due to the Great Recession.

While specific individual products are not singled out as the sole drivers of the deficit, the overall increase in imports versus exports, government spending, and economic conditions are influential in understanding the trade balance dynamics.

User Mato
by
8.1k points