It was a shock to many Americans recently to find that — as the U.S. national debt rose to $12.3 trillion — Communist China was the largest foreign holder of U.S. IOUs.
It is no comfort to find now that Japan has passed Communist China to become the No. 1 foreign holder of U.S. debt.
Communist China recently reduced its holdings of U.S. Treasury securities by $34 billion, so the United States now owes Communist China “only” $755.4 billion. That’s still three-quarters of a trillion dollars! How do Americans feel about that?
We owe Japan $768.8 billion!
Does the fact that we Americans owe Japan and Communist China a combined total of about one-and-a-half trillion dollars make you, as an American taxpayer, feel “good” about the way our leaders in Washington are handling American finances?
We hate it that our federal government owes Americans and foreigners so many trillions of dollars, on which we must pay interest. But worse is the fact that the Obama budget calls for adding nearly one-and-a-half trillion dollars more to the national debt this year, and another trillion dollars in each of the next few years.
Do you think Congress and the president are taxing us too little — or that Congress and the president are just spending too much? Lots of it is unconstitutional, unnecessary and irresponsible.
Are we going to insist our national officials do anything about it?
We certainly don’t want higher taxes. So we should insist on less spending and less borrowing.