China Lectures U.S. About National Debt

China lectures the United States during President Obama recent trip to the Asia about its continued federal debt. It’s strange that China, a communist nation is growing concerned with capitalist America over huge government spending.

The previous administration was reckless and paid no attention to the mounting debt that the nation accumulated, and during the campaign candidate Obama was right to complain about the ballooning federal expenditures.

Fast forward to President Obama’s Administration and his policies and those of Congressional Democrats are now making President Bush and Congressional Republicans look like fiscal stewards of fiscal responsibility.

Since the Obama Administration assumed the presidency in January federal expenditures have soared to astronomical heights and will continue with the current health care reform legislation now be crafted in the Senate.

China and other nations are highly concerned with massive debt being accumulated and are wary of their investments as they hold billions of U.S. treasury notes. This nation must first begin to get a handle on massive government spending that will have a direct impact on inflation and higher interest rates.

The presidents massive spending in the public sector will do nothing to create or simulate job growth. Only by unleashing the creativity of private sector, investing in infrastructure that produce innovation in manufacturing, technology, research and development areas will the nation produce the revenue stream that will begin to lower the deficit.

Small businesses and entrepreneurs have always been the back bone of this nation, but unless this administration seeks to lessen the burden placed on it by overzealous federal government it will continue the economic spiral of decline. The administration has to stop listening to highhanded labor and environmental groups who only enrich themselves at the expense of the nation.

Remember in President Eisenhower’s Farewell address to the nation he stated,” We must also be alert to the equal and opposite danger that public policy could itself become the captive of a scientific-technological elite.”

As a nation we should fear those who will highjack public policy for their own design!