Well, post-Keynesian economics (the only school that even asks this question) seems to be underrepresented on the Internet to nearly the extent that the Austrian school is overrepresented.
I agree that it is silly (from a fundamental standpoint) to make such a big fuss over the federal budget deficit while completely ignoring the trade deficit, but I understand why people do it. If the powers that be were monolithic, it would be easy to fix the budget deficit. The trade deficit is more of an emergent property that people don't understand that well. Since in reality, it's all smoke and mirrors either way, I can see why people go with the easier story to tell.
Also, private debt. The Great Depression and the recent global financial crisis were caused by an explosion of private debt. And nobody pays any attention at all to aggregate private debt.
I agree that it is silly (from a fundamental standpoint) to make such a big fuss over the federal budget deficit while completely ignoring the trade deficit, but I understand why people do it. If the powers that be were monolithic, it would be easy to fix the budget deficit. The trade deficit is more of an emergent property that people don't understand that well. Since in reality, it's all smoke and mirrors either way, I can see why people go with the easier story to tell.