America’s current account deficit reached a record $857 billion in 2006, including an $836 billion trade defect in goods. Critics of free trade argue that the deficit threatens U.S. jobs and manufacturing and that it only confirms the failure of U.S. trade policy. Daniel Griswold, director of the Cato Institute’s Center for Trade Policy Studies, will explain why so much of the conventional wisdom about the trade deficit is wrong. Griswold will highlight the results of his March 12 study, “Are Trade Deficits a Drag on U.S. Economic Growth?”