Educating David Frum and the Atlantic About the Trade Deficit

You can make a very good living coming up with stories about how the U.S. trade deficit is a good thing. After all, the jobs that are lost are overwhelming the jobs of less educated workers. In addition, the fact that trade takes away the jobs of millions of less-educated workers puts downward pressure on the pay of people without college degrees more generally.

That means that the folks with college and advanced degrees, who are largely protected from international competition by protectioni...