published Sunday, October 9th, 2011

Perils of debt to Communist China

The most obvious harm of the more than $1 trillion that the United States owes to Communist China as part of our $14.8 trillion national debt is the massive amount of interest that our taxpayers must unproductively pay on that debt every year.

But that is not the only consequence of being deep in debt to a nation such as Communist China.

Recently, the United States refused to sell five dozen F-16 fighter jets to the free Republic of China on Taiwan. Instead, our nation sold Taiwan only some material to upgrade a fleet of aircraft that Taiwan purchased almost 20 years ago.

Why did we decline to sell the F-16s to Taiwan? After all, it's a friend and strategic ally to our country, and it needs a strong military to fend off the threat that Communist China may try to seize the island and forcibly reunite the two nations.

Well, relations among the United States, Communist China and Taiwan are complicated, to say the least. Communist China considers Taiwan merely a part of its territory -- a view that democratic Taiwan understandably rejects. Unfortunately, since the Carter administration, the United States has officially recognized Communist China and has not recognized free Taiwan -- though we still have unofficial relations with Taiwan.

But with Communist China holding so much U.S. debt, it's a sad reality that our government fears economic retaliation by China if we appear too friendly with Taiwan. As then-Sen. Hillary Clinton said when asked why the United States doesn't take a tougher stand against Communist China, "How do you get tough on your banker?"

The desire to placate Communist China is part of the reason why the Obama administration has been unsteady in its support for Taiwan.

Regrettably, the United States is paying a high price for our reckless spending and debt -- especially the debt we owe to China.

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nucanuck said...

The failure to tax for what we have spent has left the US with no good options. China takes the long view while the US assumes its premminent position is a birthright.

Thirty years of rapid debt expansion have left us at depression's door. Insolvent out-of-control banks and corrupt government have to be reversed. China will not be paid, nor will most of our creditors unless it is with newly created digitized dollars worth far less than today's dollars.

America is going on a diet, a spending and consuming diet that will strain us like nothing before. We don't have any time left, that diet has already begun and if you don't feel it yet, you will.

October 9, 2011 at 2:28 a.m.
conservative said...

You noted "the massive amount of interest that our taxpayers must unproductively pay on that debt every year". The national debt and the interest to service the debt is a double whammy to taxpayers. A large part of the 47% of households who pay no federal income tax are calling for tax increases on the "rich" using the word "fairness" when they pay NOTHING. It's a great mistake to believe they know what the word means.

October 9, 2011 at 2:48 p.m.

So conservative, how much money does that 47% have? Have they never paid federal income taxes before? Who are these people? How much do you want to take from them in the name of fairness?

Don't you have any real numbers?

October 9, 2011 at 4:41 p.m.
nucanuck said...

conservative,

The 47% probably work harder than you, but because of low wages they are one paycheck or one illness away from insolvency. How much would you have them pay to reach your interprtation of fairness? They fight your wars and serve your food and yet you want to treat half of America as though they were disposable.

I have now heard enough from you to know that you are not conservative...neo-conservative maybe, but certainly unable or unwilling to consider the common good...ways to build a healthy country. No, you are a little guy, a small negative thinker, incapable of constructive commentary.

And who am I to say such?...nobody special, but I have started and run businesses, employed lots of people and paid plenty of taxes...probably far more than you...and it makes me sick to listen to a "have" who cares not for the general welfare of the country.

October 9, 2011 at 5:10 p.m.
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