<P> These issues have raised concerns among economists and unfunded liabilities were mentioned as a serious problem facing the United States in the President's 2006 State of the Union address . On June 26, 2009, Jeff Immelt, the CEO of General Electric, called for the U.S. to increase its manufacturing base employment to 20% of the workforce, commenting that the U.S. has outsourced too much in some areas and can no longer rely on the financial sector and consumer spending to drive demand . </P> <P> In 1985, the U.S. had just begun a growing trade deficit with China . During the 1990s, the U.S. trade deficit became a more excessive long - run trade deficit, mostly with Asia . By 2012, the U.S. trade deficit, fiscal budget deficit, and federal debt increased to record or near - record levels following the implementation of broad unconditional or unilateral U.S. free trade policies and formal trade agreements in the preceding decades . </P> <P> The US last had a trade surplus in 1975 . However, recessions may cause short - run anomalies to rising trade deficits . The balance of trade in the United States has been a concern among economists and business people . Warren Buffett, founder of Berkshire Hathaway, was quoted in the Associated Press (January 20, 2006) as saying "The U.S. trade deficit is a bigger threat to the domestic economy than either the federal budget deficit or consumer debt and could lead to political turmoil...Right now, the rest of the world owns $3 trillion more of us than we own of them ." </P> <P> In both a 1987 guest editorial to the Omaha - World Herald and a more detailed 2003 Fortune article, Buffett proposed a tool called Import Certificates as a solution to the United States' problem and ensure balanced trade . "The rest of the world owns a staggering $2.5 trillion more of the U.S. than we own of other countries . Some of this $2.5 trillion is invested in claim checks--U.S. bonds, both governmental and private--and some in such assets as property and equity securities ." </P>

When did the united states surplus in international trade end