A group calling themselves Citizens Against Governement Waste has put out this ad that shows a future in which China becomes a world super-power. The ad intends to scare viewers into imagining what could happen if America does not curb its spending. Will we be owned by China? This group seems to think so.
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You know, this is not true. China does not own all of our true debt. Who does? Well that answer is easy, its You and I. We own the most of our debts, China and other countries have taken our assets and have become our suppliers, They own the debts to those systems. We would not be “working” for China at all. The truth is that we are spending our way into lets call it a “foreclosure” on our own country … in other words the great US of A will no longer be profitable to work, live or play in. Now could China be a super power in the future? Most certainly they will with the amount of growth coming from their country. Especially since they have such a huge population.
more bullshit from the scaremongers that are working their hardest to make the scenario they fear come true. you know why china may eat our lunch? because the chinese govt. is spending like crazy investing in education, science and new technologies.
and phil is right about who owns our debt – http://www.ritholtz.com/blog/2011/01/is-china-really-funding-the-us-debt/ but wrong about spending ourselves into foreclosure. its all politics dude. notice that nobody gave a rats ass about the deficit when bush was in power, you know the guy responsible for it? notice that the republican screaming then and now suddenly its the most important thing 3v3r!!1! if they cared about the deficit at all (hint: they dont in the least except as a device to finish the job of destroying the country that bushco started) they would have let the bush tax cuts for the rich expire, you know the main contributor to the deficit – http://www.businessinsider.com/chart-of-the-day-bush-policies-deficits-2010-6.
but of course they didnt because they are frauds with a failed ideology. instead they think destroying the middle class is the answer.
Unfortunately, you are already owned by China. And it happened during the Bush era to finance the war in Iraq.