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Under Obama, Every American Family Owes China $10,000

Posted By Daniel Greenfield On October 23, 2012 @ 12:04 pm In The Point | No Comments


While Obama talked about not being able to beat China by cutting spending during last night’s debate, the truth is that his uncontrolled spending makes the idea of beating The People’s Republic of China absurd.

Obama’s proposal to beat China by going deep into debt to China is a weird revival of the Soviet strategy to catch up to and overtake the United States by borrowing American money, buying American wheat and buying American technology.

That Communist strategy to take down Capitalism didn’t work for the Soviet Union. It won’t work for Obama who is trying to match Chinese Capitalism with American Socialism [2].

The debt that the U.S. government owes to foreign interests now equals approximately $47,495 for each household in the United States, according to the latest data released by the U.S. Treasury and the Census Bureau. The portion of the U.S. government’s foreign debt now owed to interests in Mainland China is about $10,090 per household.

Besides China, America is deep in debt to Japan, oil exporting nations and to Russia. So of the top 3 holders of Treasury Securities, two are actively hostile.

This is a serious national security issue and a reminder that Obama’s trillion dollar deficits are enslaving us to our enemies.

Oh and those oil exporters.

Oil exporters include Ecuador, Venezuela, Indonesia, Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, Algeria, Gabon, Libya, and Nigeria.

That’s right. Chavez, Ahmadinejad and the House of Saud.

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[1] Image: http://frontpagemag.com/2012/dgreenfield/under-obama-every-american-family-owes-china-10000/obama-bow-hu-jintao-preview/

[2] Chinese Capitalism with American Socialism: http://iowntheworld.com/blog/?p=154779

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