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Every claim below was made in this piece, quoted word for word and numbered in the order the piece makes them, so you can read it there rather than take our word for it. The sentence above each quote is our reading of the claim, not their wording. Each quote was checked against a stored copy of the page at build time; where the two differ, the quote is the fact.
Our reading
The US-China trade imbalance is driven mainly by capital flows, not tariffs or trade deficits.
Their wordsTariffs and trade deficits are a distraction from the deeper source of the US-China current account imbalance, namely capital flows.
Their wordsThis is why tradeable sectors are generally more productive than non-tradable ones.
Our reading
Payroll taxes fall mostly on workers rather than employers because labor supply is inelastic.
Their wordsEmployer-side payroll taxes superficially raise hiring costs, yet the low elasticity of labor means most of the burden really falls on workers.
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