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Never a day passes without a news item expressing concern over the US current account deficit , running at over 5 % of US national income , and the large accumulations of dollar assets in China , Japan and elsewhere . At present in order to finance its balance of payments deficit , currently running at about 4.5 percent of gross domestic production , the US has to suck in more than $ 1 billion a day from the rest of the world . When the last administration took over , inflation was running at about 5 percent , and the prime interest rate - - and , my , it 's painful to say this - - was under 7 percent .