Ray D asked:
I think the US owes more than a trillion dollars to China. What was the purpose of borrowing all that money and how do you think the US is gonna pay it back?
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I think the US owes more than a trillion dollars to China. What was the purpose of borrowing all that money and how do you think the US is gonna pay it back?
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#1 by J - December 28th, 2009 at 11:55
Well we will never pay them back. We will jerk them around and keep borrowing until they stop lending to us at which point we go down one of two roads, use india as our main mac machine or go to war with China.
#2 by steve s - December 29th, 2009 at 06:31
lol. it doesnt work like we owe you this or that. its called a treasury bond. its basically china. buying a savings bond from the United states with the promise that our dollar will increase in value. hence the bond is worth more. its alot like a CD/savings bond. infact it is a savings bond. “treasury bond”
as for the trade deficit. its a free market economy. all the government can do is force china to increase the value of its money and lower the trade gap
thats why stuff is so cheap at walmart and target and kmart. cause its so cheap to produce it in china they can sell it for cheap and make huge profiets.
similar to the way nike ran business in the 90s in indonisia
#3 by Keep it Real!! - December 31st, 2009 at 09:30
Quit Borrowing!
#4 by Loser - January 2nd, 2010 at 07:24
It is now 2 trillion. Every now & then the Treasury puts bonds up for sale. Until recently, China has been the largest buyer. US citizens should be. The last time the Treasury did this no one bought.
Secondly, there is a trade deficit. The Chinese will not buy American. We should not buy Chinese. If it says made in China, don’t buy it.
In order for the US to benefit, & not the capitalist, we must make things here & sell it over there.
#5 by theo the cod BTFH - January 2nd, 2010 at 14:22
The purpose was so you could have tax cuts like George Bush promised. He didn’t tell you he was doing it with your children and grand children’s money though.
The only way to pay it back is to pay more taxes, spend less and save more. It ain’t going to happen though is it, no one votes for a politician who would be honest enough to tell them this.
#6 by V for Vendetta - January 5th, 2010 at 17:38
Most of that debt goes to fund the military industrial complex and the war in the Middle East.
The only way forward for regular, working class Americans is a socialist revolution combined with repudiation of the debt.
#7 by Number 6 - January 8th, 2010 at 18:34
increase taxes and cut spending
#8 by Shar - January 11th, 2010 at 10:31
Eat less and stay away from war and ****.
#9 by Chip - January 11th, 2010 at 22:15
The United States. Will never pay it off.
At least in your life time.
#10 by syntax - January 12th, 2010 at 22:28
The war in Iraq was a big part of it.
#11 by Herald - January 13th, 2010 at 05:48
Might as well trade it in for a lot of F-22 Raptors at this point, given that we are not going to purchase them for ourselves or sell them to our allies. It is the same thing for all intents and purposes. While we are at it, we may as well off a couple of carrier groups to them, too.
#12 by Grscraps - January 16th, 2010 at 00:00
The point of it was to continue to let multi-national corporations make money by exporting jobs overseas, to China. The way to pay it back is to raise tariffs on imports.
#13 by QuiteNewHere - January 17th, 2010 at 03:34
pay it back with all the clunkers it is collecting from the cash for clunkers movement (they melt it for steel, aluminum, etc and resell more stuff back
make everybody write IOU’s
#14 by doinou - January 19th, 2010 at 07:41
I’m not sure we can.
#15 by Nunya Bidness - January 20th, 2010 at 08:12
Reduce the size of government and cut taxes. Encourage growth by giving tax breaks to those that hire people. The increase in tax revenues would be more than Washington would know what to do with.
a.k.a. Conservatism
#16 by William - January 21st, 2010 at 00:17
Recall the stimulus packages.
#17 by RT - January 21st, 2010 at 21:25
First thing to go would be our controlling interest in certain parts of the world… China would simply take over the developmental policy decisions in areas where they would be inclined to do so…
next would be our pacific islands like Guam and the many others
we will continue to do things like “cash for clunkers” where all of the scrap metal (from crushing the old cars) is sent directly to china and passing “cap and trade” bills where it insures the suspension of meaningful production in america, and the contracts (from around the world) will go to china…. items like steel, cars, excavating machinery, ect…
and of course we will be giving them many military secrets and sharing more and more intelligence…
or there will be a war
#18 by allperils2050 - January 23rd, 2010 at 22:13
Dear Americans,
Before you point your fingers and rude remarks at China, ask yourself.
Why is the USA spending 185%? The American government spends twice as much as it brings in. How is that ever sustainable? Is it China’s problem that you wage costly wars overseas?
Is it China’s problem Americans like to live “fake” lifestyles? and constantly Keeping up with the Joneses?
China’s helping America by lending you money. Yet you bash us.
China’s not sitting on those US dollars, our government is spending it on resources and assets. We know you are printing money 24-7, you are not honoring your word to keep our investments safe. You are diluting your money every second.
Yes Americans, you are always right, everyone else is always wrong.
#19 by Chri$ Iz a $pazz - January 25th, 2010 at 04:52
Well the reason that we’re in this much debt, is because we Americans have been treating life like a Chinese Restaurant. For example, while they work and cook our food, we over indulge on their products. In the end, we hand a well structured check to them in hopes that we can sometime redeem that money. Only problem is, we’ve been losing money, not gaining.
Looking at the unfortunate circumstances we’ve unawaringly thrown ourselves into, we could do a few things to fix this. I’m sure there’s more, but these are just off the top of my head:
-Send volunteered United States Citizens over to China to work off the debt. At least in hopes that they could also provide for themselves. Lol, I wonder how many of those we’ll have.
-Clear every Wal-Mart off the face of the earth. Considering that a majority of their products are bought directly from China.
-Temporarily close all imports/exports from China so we’re not increasing our debt. (Unless they put interest on this crap, lol. Doubt it though.)
-Pay them back in full and pray to God that our economy doesn’t collapse.
-Assist in the creation of World War III by nuking them off the map. (Not a favored solution).
See, there’s not really much that we can do to ultimately end ALL debt in China. The last two solutions were obviously unethical. You can thank Bush and his administration for that. At least I gave you some options to consider.
Hope this helps.
#20 by danny - January 26th, 2010 at 19:57
we are americans,we are the youngest country, the most powerful country . and the reason why is we dont give up. we start new bussiness, if we would stop forine trades and bring our factorys back to the states as our four fathers have. we would not have a debt. we have forgotten how to do for ourselves we have grown dependent on forine trade untile we get off our couches and turn our tvs off, get out their and sweat and build something out of nothing. then we two can make america strong as our four fathers have in the past.