The details of the blockbuster fourth quarter GDP report released Thursday morning tell a vivid story of how the underpinnings of the world economy have been reshaped by the pandemic. One example: In the arithmetic around U.S. economic output, trade acted as a more severe drag last year than it has in a generation. Why it matters: High trade deficits are enabling Americans to get the things they need in the pandemic. The flip side is the higher U.S. government debt that helped fund the surge in spending, much of it now held by overseas investors. What's happening: Americans' spending on imported physical goods has ... (full story)