America’s economic recovery now depends upon debt. Debt we “sell” to people like China in the form of Treasury bonds.
The entire Obama budget is based upon debt. He swears he is for tax breaks but tax increases have got to be in the near future.
And the top earners like Donald Trump are already making noise about moving elsewhere — just as Brit tycoons are fleeing tax rates approaching 60%.
China holds more U.S. debt that anyone else. But China may not continue to buy.
And Obama is chasing busnesses away: by offering to tax offshore earnings and other now untaxed assets.
And by generally making business and Wall Street the enemy, in talk and in actions.
Even as we the U.S. Taxpatyers are paying billions to bail out GM, with the help of Obama and geithernew, GM is making plans to move a lot of its future auto production to China.
China’s recovery is coming along, fine, thank you; and there may be no need to take on more debt for the U.S.
China already makes much of what sells in the U.S. — and for right now, Americans aren’t buying. So China’s factories shut down. Now China is doing something new: encouraging the Chinese to become consumers.
This will be a long and slow process but the Chinese government is determined.
Fed Tells California: Can’t Cut Pay of Union Jobs To Save Budget; Threatens Loss of Stimulus Money
Where Are The Jobs? Ask The Unions
Obama, Geithner Review Of Banks Says Multiyear Period of Economic Weakness Still Ahead
China, Asia Dig Out of Recession Much Faster Than U.S.
EU Leaders, Unions, Disagree On More Jobs Or Union Jobs
Under Restructuring, GM To Build More Cars Overseas
Obama Promised 5 Million Green Jobs But Sierra Club Says “green jobs are not always good jobs” that can support a middle-class lifestyle
Unemployment 8.9%, Highest Since 1983, Hiring Slow, Many Taking “Less Quality” Jobs, Government Grows