Will the Chinese Save Us From Ourselves?
In an ironic twist of fate, it may be the fiscally responsible communist Chinese who save capitalist America from its budgetary excesses. They may well have to teach the wayward youngster a lesson in fiscal responsibility by refusing to fund continuing trillion-dollar deficits. Tough love from the Chinese may be the only prescription that rescues America from impending financial doom. The new administration is behaving like a kid in a candy store and it will take a bitter pill from the Chinese to bring them to their senses.
Federal outlays will soar in fiscal 2009 to $4 trillion, or 27.4% of our $14 trillion GDP, up from $3 trillion or 21% of GDP in 2008, and 20% in 2007. If we take the administration's rosy recovery scenario at face… Continue reading | 1 Comment