Contrary to What You Read in the NYT, Economics Says That Rising Imports Are Bad for Growth

The NYT decided to turn the standard textbook economics on its head and told readers that the higher imports reported for April is good news for the economy. An article headlined, "Data readings converge to show an economy regaining momentum," told readers:

"'Rising imports are not a sign of economic weakness,' said Joshua Shapiro, chief United States economist for MFR Inc. 'To the contrary, it’s a sign of economic demand.'"

Okay, let's get out the detective hat and glasses. Imports can rise...