The Nation - News from April 30, 1989

A Gallup Poll shows a wide disparity in Americans’ knowledge of economic affairs. More than eight Americans in 10 are aware the United States is running a trade deficit with Japan (83%), but far fewer know that U.S. imports from South Korea (53%), Western Europe (38%) and Canada (16%) exceed exports to these nations. Defense spending is correctly cited by 81% as one of the top two items in the federal budget. But only 27% know that Social Security is one of the largest budget components, the survey said. About three-fourths (78%) are aware that foreign investment in U.S. firms and real estate has increased over the last 10 years. However, only 4% know that foreign investors own less than 5% of privately held U.S. land.