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Our gluttonous country needs to get control of our ballooning debt

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Posted: Saturday, May 7, 2011 12:00 am

It's somewhat comforting reading that we're in recovery from the very deep recession we're in, but it's difficult to believe given the increasing unemployment, bankruptcy and foreclosure figures, continued job outsourcing, the highest prices ever for gold and fuel, and our imbalance of foreign trade with China.

I am not throwing rocks in pointing out that China's holdings of long term U.S. Treasury securities totaled $1.16 trillion at the end of December 2010 according to an annual revision report released by the U.S. Treasury Department. This figure was an increase of 30-percent from a government estimate reported Feb. 15, 2011.

China is the largest holder of U.S. Treasury securities ($1.16 trillion); Japan is the second-largest owner of U.S. debt ($882 billion), and Britain is the third ($272 billion). The federal debt has surpassed $14 trillion at the end of 2010, and the federal government is at the edge of bankruptcy if Congress doesn't increase the debt ceiling, which is $14.3 trillion, before the deadline.

It's true old habits die hard or not at all, and the bottom line is that no matter from what perspective we see these figures — the handwriting is on the wall. The U.S. is deeply indebted to communist China and socialist Japan.

But past these very negative and dangerous figures, the USA continues to indulge in the self-defeating, gluttonous behavior of using more energy, importing more oil and falling further into unnecessary debt. We (USA) will continue to be more dependent on the aid of foreign countries for selfish, immediate gratification until America is forced to sign all of the international treaties already effective in virtually the whole world.

We are selling our inheritance, our birthright, in exchange for a savory stew charged to a credit card whose fine print being "Jell-O" words of compromise and capitulation, like a pitiful old decrepit Alpha Wolf waiting to be fed.

William Van Amber Fields

Morada

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