Foreigners now hold nearly 50 percent of the federal government's publicly held debt. . . .Our financial position in the world has deteriorated dramatically. We should debate next steps on how to improve and reverse this deterioration. A debate lasting, oh, something a little longer than four days. I’m thinking that the words “cut” and “reduce” should figure prominently in any solution we devise.
At minus $3.47 trillion, America's net debtor status with foreigners represents nearly 25 percent of U.S. gross domestic product, the highest level in history.
"Three decades of massive [trade] deficits have converted the United States from the world's banker - able to 'pay any price and bear any burden in the cause of freedom' - to the world's largest debtor, utterly dependent on China and other foreign interests," said Charles McMillion, chief economist of Washington-based MBG Information Services.
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"We are so deeply in debt and this money is so liquid that it hamstrings our monetary, fiscal and trade policies," Mr. McMillion said. "We've really mortgaged our financial future."
Two things I’m sure won’t help at all are hugely expensive, burdensome, massive, and half-baked legislative initiatives to socialize our health care system and reduce CO2 emissions in the pursuit of questionable global warming reduction fantasies.
But that’s just me.
Do you hear that same voice inside . . . ? The one that axes:
“Where are the Nation’s guardians?”"U.S.'s debtor status worsens dramatically. Foreigners hold 50 percent." By David M. Dickson, Washington Times, 6/27/09 (emphasis added).
“Why is it that we hand our government over to players from the T-ball league?”
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