by Jacob G. Hornberger
Did you ever think you’d see the day that communist China would be lecturing the United States on fiscal responsibility? It’s just a sign of how far down American statists have taken our country.
Sure, it’s humiliating that Standard & Poors just downgraded the U.S. government’s debt rating for the first time ever. But to have the commies preaching to U.S. officials about the importance of reining in federal spending and debt? How humiliating is that?
Consider what they said. According to an article in the New York Times, China stated in a harshly worded commentary that Washington needs to “cure its addition to debt” and “live within its means.”
The commentary also stated:
“The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone.”
The communists called on Washington to make major cuts to its “gigantic military expenditure” and its “bloated social welfare” programs.
Wow! That must sting U.S. officials, big time. Especially since it’s true!
Meanwhile, not surprisingly Washington officials and mainstream statists are lashing out at Standard and Poors, pointing out that S&P has made mistakes in the past and even made an error in its current analysis. Rather than focusing on the real nature of the problem — out-of-control spending and debt — it’s easier to try killing the messenger, the one who is forcing them to confront reality after they’ve been living in financial la-la land for decades.
The reaction of U.S. officials and the statists is obviously quite different when it comes to the Chinese communists, however. U.S. officials and private-sector statists are as quiet as church mice in responding to the scolding received from the commies.
Why the difference?
Because the Chinese commies are the U.S. government’s biggest foreign creditor! Hey, what debtor is stupid enough to go and pick a fight with his lender?
So, while the U.S. government and the statists can take S&P to task, not so with a regime is holding an estimated $1.1 trillion in U.S. debt instruments. After all, imagine what would happen if China decided to suddenly dump them all onto the market.
Of course, U.S. officials and American statists say that China would never do that because it would lose lots of money. Don’t be too sure, especially if an unpleasant political fight with lots of nasty words develops between the United States and China. In any event, U.S. officials and Americans statists are obviously taking the position that discretion is the better part of valor when it comes to objecting to the scolding issued by China.
How did the Chinese communists become America’s biggest foreign creditor? When the U.S. Empire decided to invade and then occupy Iraq and Afghanistan, U.S. officials were scared to raise taxes on the American people to pay the bills for their foreign escapades because they figured that taxpayers might get upset. So, they simply went out and borrowed the money from anyone who was willing to lend it, including the communist regime that helped kill some 58,000 American men during the Vietnam War. And of course, everyone knew that as soon as they conquered Iraq, they’d have all that Iraqi oil money they could use to pay back the loans.
But things didn’t work out as planned, which of course they never do with foreign military escapades, and the U.S. government ended up owing the Chinese communists — the people who helped kill all those American men in Vietnam — more than a trillion dollars.
It’s just part and parcel of the repugnant welfare-warfare state that statists have foisted upon our land, one that is not only proving shameful in the international arena but also threatening our nation with financial bankruptcy.
China is, of course, right about the U.S. government’s out-of-control spending and borrowing for welfare and warfare. Where the Chinese communist regime goes wrong is in calling for cuts in welfare and warfare.
It’s time to dismantle, not cut, America’s welfare-warfare state and restore economic liberty, free markets, sound money, and a constitutionally limited republic to our land.
In fact, if the communists were smart, they’d dismantle their socialist system too, beginning with their version of Social Security and Medicare.
Jacob Hornberger is founder and president of the Future of Freedom Foundation.
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