There is no level playing field with foreign workers, because they and we are not free to travel where wages are best or prices are lowest. Capital is free in the modern economy, but labor is not. Exploiting the poverty of trapped foreign workers is not altruism, it's lowering costs to maximize profits, which is what businesses are supposed to do.
And trade deficits accumulate as public and private debt (or rather negative savings.) This is not theoretical, this is an identity.
And trade deficits accumulate as public and private debt (or rather negative savings.) This is not theoretical, this is an identity.