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Why so much talk about China?
How come you ALWAYS hear about how we borrow all our money from China when the fact is most of our debt comes from the government borrowing from Social Security?
China holds like 9.5% of our debt, but Social Security is 17.9% - and that's NOT because Social Security is a drain (since you only get back what you pay into it) but because over the last 12 years the Government has 'borrowed' money from it.
In 2000 it had a surplus of 68billion, now it's in the red 2.6trillion - how come politicians talk about China when they should be worried about how much is owed to OUR people.
- 9 years agoFavorite Answer
I couldn't AGREE more. With China on display all the damn time our own nation is stuck at the bottom while our workers struggle to support familes, and even with college students trying to go to school! (Talk about a "great nation") With china's surplus rising, we're left in the dirtSource(s): Prior knowledge, Abcnews.com
- MikeLv 69 years ago
When the Fed re-buys our debt we eventually lose.
Without China and Japan buying treasuries we'd have been grabbing pitchforks long ago.
It's a circle, we buy the crap they manufacture, allow that crap to come into the country without tax, and in return China and Japan buy our treasuries with their profits.
Everything works capice until the average Chinese is not in the rice fields but in the cities.
- Anonymous9 years ago
They don't give a rat's @ss about us.