In one of his interminable State of the Union addresses, Obama prattled on endlessly about defeating China and winning the future. Good luck with that when you’re borrowing money from China to buy Green Tech from China that doesn’t work, forcing you to buy more oil from Saudi Arabia. As Charlie Sheen and Barack Obama call it, “Winning.” Which is cokehead-speak for losing. A drug that both men have in common.
In just five years, China has surpassed the United States as a trading partner for much of the world, including U.S. allies such as South Korea and Australia, according to an Associated Press analysis of trade data. As recently as 2006, the U.S. was the larger trading partner for 127 countries, versus just 70 for China. By last year the two had clearly traded places: 124 countries for China, 76 for the U.S.
I blame Bush, except for the part where the US still had its position under Bush, but lost it under Obama.
In 2002, trade with China was 3 percent of a country’s GDP on average, compared with 8.7 percent with the U.S. But China caught up, and surged ahead in 2008. Last year, trade with China averaged 12.4 percent of GDP for other countries, higher than that with America at any time in the last 30 years.
If the trend continues, China will push past the U.S. this year, a remarkable feat for a country so poor 30 years ago that the average person had never talked on a telephone.
Clearly we need to raise taxes, spend more money on education and do all the other things that have made Europe so successful. Or, you know, we could start making things again and create real jobs, instead of government jobs.
It’s either that or start trying to tax China.