Actually, the entire problem with the economy of the USA (and EU) is that it suffers massively from deflationary pressures. Trade deficits cause savings gluts which fuel underemployment and cause stocks and other assets to go up. The secondary effects of trade deficits are the primary cause of growing wealth inequality.

I cannot disagree harder. The primary cause of the entire world’s stagnation is the endless money printing by the world’s central banks, and the lack of currency competition as more countries join currency unions (the EU).

The closer you are to the money printer, the more money you get. This is the cause of inequality - we have so much fresh money printed with nowhere productive to go, so it goes to inflate the value of housing, education, medicine, and any good that is widely desirable yet scarce. The rich get richer, the poor poorer.