The U.S. current account has been consistently in deficit since 1982 (excluding the small Gulf War-related surplus in 1991). Since 1998, its growth has accelerated, and its estimated total of more than $550 billion in 2004 is an all-time high both in absolute terms and as a percentage of GDP–more than 5 percent. This trend has set off alarm bells for many policy makers, but the figures don't tell the whole story.