Just to get a sense of the excess demand in the USA economy, 2022 expected exports will be around 2.6% higher than 2014 exports but 2022 expected imports will be around 30.6% higher than 2014 imports. And this is on top of a 2014 economy which already had a significant trade deficit. The fiscal and monetary policies of the USA which made the assumption that the underlying issue was one of demand being too low to consume the productive capacity of the economy instead created the opposite problem. In that sense the Obama, Trump, Biden administrations as long with the Fed should all take the blame. Demand is so high now that it needs greater and greater net imports to fulfill. The USA being the world reserve currency means that this can be spontaneous financed world excess savings but on the long run there is no free lunch.
I'd wager that the jump in expected imports has more to do with firms trying to stockpile resources to hedge against inflation than it does with the fiscal decisions of all past three administrations. Inflationary Mindset has settled in.
