30 years too late

The Prime Minister of China has grown concerned about the $1 trillion of US government debt his government holds. He has doubts about the fiscal prudence of the US. I'd say that this guy has been living under a rock for the last 30 years and has yet to catch up with the rest of us.

Has this man not heard that America became the largest debtor nation in world history way back about 1986 and has been falling deeper into debt ever since without respite? Has this man not heard that America has a national debt of some $9.5 trillion with about 5 or 6 times that in accrued debt for Social Security and Medicare which must be paid to the vast number of Baby Boomers who are retiring right now? Has no one told this man that Mr. Obama expects the Chinese to pay for the bulk of his "stimulus" and spending plans and to finance the current year's deficit, which is now $2 trillion and counting? Has he not heard that Mr. Obama expects to finance similar deficits indefinitely into the future, with money borrowed principally from the Chinese and Japanese? The Chinese government's current holding of $1 trillion is small potatoes compared to the trillions Mr. Obama wants them to cough up beginning right now.

Would you lend money to some spendthrift who has not a penny to his name and who owes money to everybody in town? And if you would, would you reasonably expect to see it again, ever? Apparently, the prime minister of China would on both counts. He'd better think again. What's the Chinese word for "chump?"

Read it here