Yesteday, I argued that one solution to the trade deficit, particularly the deficit with China, is to let the dollar decline in value. But, there is almost no discussion on this concept within the mainstream press, not to mention the political elites.

Neither The New York Times, Wall Street Journal, Los Angeles Times or the Washington Post raise the idea of a declining dollar in reporting today about the decision by Senators Charles Schumer and Lindsey Graham to temporarily drop their bill that would impose tariffs on Chinese imports if China did not let the renminbi rise in value against the dollar. Apparently, the senators, back from their little jaunt to China, now feel reassuredbecause, “…Chinese leaders emphasized their willingness to let their currency float more freely and to address other aspects of their nation’s growing trade deficit with the United States,” according to NYTimes.

Bringing the dollar down would not make Wal-Mart happy and give fits to Wall Street. But, it would benefit, in the long-term, most Americans who would not have to pay for a record-breaking and worsening trade deficit. It’s so simple. Do it.