You guys are both right in many ways. This all goes back to the 80s when we cut tax on the rich and let big business here move their production overseas, no matter where overseas that was. It put money in the pockets of the rich only and took it from the working class. There is vast evidence of this. We gave it all away for a few thousand greedy people. They could have easily controlled it "AT THE TIME" with Tariffs keeping places like China, mexico, Malaysia poor. In place of that and redistributing those Tariffed monies to the people, they let us reach this point. It was the people, mostly JEWISH ELITE that were propping up Reagan (an actor) to do their dirty work. With the Fed in their pocket, they were able to keep the gambit running up until now. I actually thought they would reset in 2008, wrong I was... Same thing is coming again, QE 4,5,6. All on purpose to give them even more money. Had they put the first QE's into the people and infrastructure, we could be in a lot better shape. That is what China did, they will blow right past us soon. Look at what the Banks are doing now to gold thru contracts. Driving it down for a couple of reasons, one is to actually fill those contracts this time. They will be buying it up with all that money they received from the FED, that they used to buy back their own stock, then sell their personal shares. They should be tar and feathered, literally..
I presume you're talking about over the very long-term? Let me ask you a question. If you borrow money on a credit card and wait a very long time to pay it back, would you say that deficits are impossible and it's going to turn out to be a roughly equal trade? No, of course not.
This is a direct effect of the US deciding not to make stuff in the US and instead buy it from overseas "Foreign Investors Are Screwing America's Housing Market", The Young Turks, April 13, 2021