Guest Opinion: Made In China
Made In China
by Barry A. Hawkins
It is the Christmas season here. Most people have already bought their presents and are eager to find out what awaits them under the wrapping. When you do open your packages, check to see how many are made in China. It seems that everything these days is made in China. If we are not careful, the United States of America may one day have to wear a Made in China label.
The U.S. is well on the way to a financial fiasco. The current administration seems to not care about our out of control deficits and a staggering debt. As a matter of fact, the Bush administration is looking at borrowing one trillion dollars to restructure Social Security and to pay for more military operations. They refuse, however, to eliminate their tax cuts for the wealthy or reduce the tax breaks to big business. This means borrowing more money.
Where does all this borrowed money come from? It comes from other nations who, of course, expect to be repaid. When other countries loan us money, they see it as an investment. If the other countries can get a better return for the money elsewhere, they would stop investing in us. The Bush administrations horrible economic policies is threatening this. With the value of the dollar falling, other countries are getting nervous about lending us money.
Who is one the largest investors in the US? Most of our debt is being financed by Japan and China! The Chinese are very concerned about our economy. They are putting pressure on Bush to raise interest rates so that they can get a bigger return on their money. They have even hinted that they would pull out of their investments unless we agree to certain concessions. The Bush administrations insatiable appetite for borrowed money is leaving us hostage to the whims of China.
"Right now, our whole country's on life-support from Beijing and Tokyo," said Peter Schiff, who heads Euro Pacific Capital in Newport Beach, referring to the two chief purchasers of U.S. bonds. "But the more money they lend us as the dollar weakens, the more money they're going to lose. At some point, China might decide it's best to cut us off this welfare scheme and start spending the money on their own citizens."
Why do Americans allow this? Are we so greedy for an extra dollar from tax cuts that we cannot afford that we do not care what happens to our country? Are we so fond of Wal-Mart that we believe that tax breaks for them is worth being held hostage to what China wants? As we get deeper and deeper in debt, we will find it harder and harder to refuse to comply with the demands of foreign countries. I fear we will see Made in China stitched onto our very own country.
© 2004 Barry A. Hawkins
Barry is a philosopher with a PhD from Staunton University and a member of the International Society for Philosophers. He is a freelance writer and contributor to Articles and Answers www.ArticlesandAnswers.com