About that trade deficit

On Monday, Thomas Mulcair blamed the Conservatives for a $50-billion "trade deficit." The Conservatives subsequently complained that Mr. Mulcair had his numbers wrong.

Mr. Mulcair’s reference to a "trade deficit" is apparently a reference to the "current account" deficit. (When I asked, the NDP directed me to this analysis.)

But, as it has been explained to me, the "current account" is a figure that is arrived at by adding the current trade balance to the net flow of investment income.

I’ve asked Stephen Gordon to explain the significance and meaning of all this to me us and he will hopefully have a post up at Econowatch soon.