China Blasts U.S. Over Credit Rating Downgrade, Debt 'Addiction'

[WillowTree]

BEIJING -- China, the largest foreign holder of U.S. debt, demanded Saturday that America tighten its belt and confront its "addiction to debts" in the wake of Standard & Poor's decision to downgrade the U.S. credit rating.

China currently owns $1.2 trillion of U.S. Treasury debt, the largest stake of any central bank. The commentary carried by the state-run Xinhua News Agency was Beijing's first official response to the S&P decision.

"The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," Xinhua said.

It said the rating cut would be followed by more "devastating credit rating cuts" and global financial turbulence if the U.S. fails to learn to "live within its means."

"China, the largest creditor of the world's sole superpower, has every right now to demand the United States to address its structural debt problems and ensure the safety of China's dollar assets," it said.

Xinhua said the U.S. must slash its "gigantic military expenditure and bloated social welfare costs" and accept international supervision over U.S. dollar issues


China Blasts U.S. Over Credit Rating Downgrade, Debt 'Addiction'

 

[Truthmatters]

Its time to increase our income so we can pay our debts

 

[Neotrotsky]

With Downgrade, time to remove boondoggle of ObamaCare off the back of the US economy


Indeed,
with the Left mantra of "more tax more tax", they say PapaObama is off the table

Even CBO says PapoObama Care kills jobs

CBO Says ObamaCare Will Kill 800,000 Jobs
[ame=http://www.youtube.com/watch?v=Jskjci1ZL9Q]‪800,000 Jobs Gone: CBO Admits Health Care Law Will Kill Jobs‬‏ - YouTube[/ame]

Some studies have shown that PapaObama care is having a real impact on
killing jobs NOW

Analysis: Job Growth Was 10-Fold Higher Before the Democrats Passed Obamacare

“Private-sector job creation initially recovered from the recession at a normal rate, leading to predictions last year of a “Recovery Summer.” Since April 2010, however, net private-sector job creation has stalled. Within two months of the passage of Obamacare, the job market stopped improving. This suggests that businesses are not exaggerating when they tell pollsters that the new health care law is holding back hiring.”

Sherk writes that Obamacare “discourages employers from hiring in several ways: ​

 

[dilloduck]

Isn't this how Reagan defeated Russia ?

 

[dilloduck]

Its time to increase our income so we can pay our debts

By selling Alaska maybe ?

 

[geauxtohell]

If China wanted to help, they could crack down on their billion dollar intellectual property theft operations. It's ironic that they are going to lose money now after years of undermining our economy.

 

[BoycottTheday]

Dr Savage suggested 20% tariff on Chi.com chit, sounds like a good time to take that advice.

 

[geauxtohell]

Dr Savage suggested 20% tariff on Chi.com chit, sounds like a good time to take that advice.

We can't horse with China too much as they own a shit ton of our debt. If they wanted too, they could really fuck with us.

As it stands, we are lucky that they still see us as an investment that it going to pay off and haven't started a sell off.

Our whole Iraq adventure is really paying off now.........

 

[WillowTree]

Its time to increase our income so we can pay our debts

get out your checkbook. write big numbers. send to obiedoodle.

 

[Avorysuds]

Its time to increase our income so we can pay our debts

Show us how TM, give us hard numbers...

I/we can show you with cuts alone how to balance the budget in 5 years, lets see if you can even do 1/10th of the problem a year in more taxes.

 

[Avorysuds]

Do you even understand why china is saying this?
They want more power and their money to be used, not the dollar. Your buying into their propaganda.

Shut up china and keep giving us a Trillion+ a year in your money... PB says you're full of shit so do it.

 

[peach174]

There was 608 new regulations for business in July.
At all of the committee meetings, business are telling congress how they can not hire new employees because of the costs of regulations.
But the Dem's are refusing to hear this. The just keep killing jobs and fighting cut backs.
It is always the Dems answer to raise taxes so that they can keep spending.
Refusing to see that entitlements are not sustainable, even if all of us gave, all of the money we make to the government, it will not get us out of this mess without reformation.
Entitlement programs must be reformed or we will not have any at all.

 

[Avorysuds]

Do you even understand why china is saying this?
They want more power and their money to be used, not the dollar. Your buying into their propaganda.

Shut up china and keep giving us a Trillion+ a year in your money... PB says you're full of shit so do it.

they are an ever expanding power who wants more control. We handed them so much to play with last week its not even funny. China wants to be the main superpower.

Yeah they own 10% of our debt...Nice try

Well then when they stop giving us money we won't mind... Maybe we'll raise taxes 35% on the rich to make up for half the loss...

 

[Avorysuds]

There was 608 new regulations for business in July.
At all of the committee meetings, business are telling congress how they can not hire new employees because of the costs of regulations.
But the Dem's are refusing to hear this. The just keep killing jobs and fighting cut backs.
It is always the Dems answer to raise taxes so that they can keep spending.
Refusing to see that entitlements are not sustainable, even if all of us gave, all of the money we make to the government, it will not get us out of this mess without reformation.
Entitlement programs must be reformed or we will not have any at all.

You might be right but if it passed and is law then these new regulations had to of had Republican support to pass the House and Senate.

 

[ekrem]

BEIJING -- China
(...)
"The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," Xinhua said.

Economic lesson with Comrade Wu.
What Comrade Putin said last days we all know.

 

[LordBrownTrout]

Show me 5 straight years of debt reduction along with a balanced budget EVERY year and then we can talk about a tax increase that goes SPECIFICALLY to debt. Until then, go pound sound, I'm tired of sacrificing for your irresponsible behavior.

 

[B. Kidd]

BEIJING -- China, the largest foreign holder of U.S. debt, demanded Saturday that America tighten its belt and confront its "addiction to debts" in the wake of Standard & Poor's decision to downgrade the U.S. credit rating.

China currently owns $1.2 trillion of U.S. Treasury debt, the largest stake of any central bank. The commentary carried by the state-run Xinhua News Agency was Beijing's first official response to the S&P decision.

"The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," Xinhua said.

It said the rating cut would be followed by more "devastating credit rating cuts" and global financial turbulence if the U.S. fails to learn to "live within its means."

"China, the largest creditor of the world's sole superpower, has every right now to demand the United States to address its structural debt problems and ensure the safety of China's dollar assets," it said.

Xinhua said the U.S. must slash its "gigantic military expenditure and bloated social welfare costs" and accept international supervision over U.S. dollar issues


China Blasts U.S. Over Credit Rating Downgrade, Debt 'Addiction'

China is reminding us that borrowing is a privilege.
We now have the same level of borrowing privilege as Belgium and New Zealand.

 

[peach174]

There was 608 new regulations for business in July.
At all of the committee meetings, business are telling congress how they can not hire new employees because of the costs of regulations.
But the Dem's are refusing to hear this. The just keep killing jobs and fighting cut backs.
It is always the Dems answer to raise taxes so that they can keep spending.
Refusing to see that entitlements are not sustainable, even if all of us gave, all of the money we make to the government, it will not get us out of this mess without reformation.
Entitlement programs must be reformed or we will not have any at all.

You might be right but if it passed and is law then these new regulations had to of had Republican support to pass the House and Senate.

The majority of them is the new Health Care Bill. Not passed by Repubs.
A lot is EPA bypassed by congress. No House or Senate votes whatsoever.
Obama Admin Adds 608 New Regulations in July! | Vision to America

 

[kaz]

Show me 5 straight years of debt reduction along with a balanced budget EVERY year and then we can talk about a tax increase that goes SPECIFICALLY to debt. Until then, go pound sound, I'm tired of sacrificing for your irresponsible behavior.

Even better, let's balance the budget and sell Federal land to pay off the debt.

 

[rhodescholar]

There was 608 new regulations for business in July. At all of the committee meetings, business are telling congress how they can not hire new employees because of the costs of regulations.

This is the biggest load of bullshit. Corporate america is sitting on more cash right now than it ever has - look at the balance sheet of GE, Apple, etc., they have about $1-2 TRILLION in cash just sitting in banks, so much that BONY wants to charge them fees simply for keeping the cash in their bank. And this does not include the trillion more being kept overseas because they don't want to pay the US corporate income tax rate if they bring it stateside.

I despise corporate america almost as much as I hate government, but right now it is the former that is the fundamental problem. Yes Scott Walker is 100% correct, we MUST massively downsize the government and eliminate all public employee unions - BUT - we must end this bullshit of the 15% tax rate on carried interest on hedge fund managers earning $500 million per year, and end all tax breaks/subsidies for any company sitting on massive cash hoards and refusing to re-invest in this country.

FUCK GE if it thinks it can pay net zero taxes with a $90 BILLION domestic cash hoard, while the nation's infrastructure falls apart and the bulk of the tax burden heavily falls on the middle class.

And I won't get into how corporate america has thrived on importing millions of illegal aliens to undermine the US workforce, or sent factories overseas to China destroying an entire sector of the US economy. Fucking hilarious how china is complaining about how the US federal government is running the country, while china is a primary cause of the US' major problems as it competes using slave-level wages, zero environmental rules, a net inflow of cash from the US to the tune of $40 billion per month - and they are whining how the US cannot pay its bills? Fuck China as well, will spend the rest of my life avoiding buying another product made there...

This is not a democrat/republican issue, the failing economy falls on the backs of the federal government and its unwillingness to take on the large corporate interests who are destroying american society. The US is going to be a 3rd-world nation in 20-25 years with massive riots/unrest like in the 1880s/1890s if the current group of corporate robber barons are not stopped.