Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

10/23/2012 (1 year ago)

Catholic Online (www.catholic.org)

In the past four years you borrowed $20k from China.

The Communist government of China is now entitled to anywhere between one to two years of your full household income - and they aim to collect. According to statistics released by the US Treasury Department and the Census Bureau, the US now owes foreign governments about $47,495 per household.

It's time to start paying, China wants its money.

It's time to start paying, China wants its money.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

10/23/2012 (1 year ago)

Published in Politics & Policy

Keywords: China, debt, foreign, owe, deficit, loans


LOS ANGELES, CA (Catholic Online) - In all fairness, it isn't just China we owe, America owes money all across the world, however, the notion that the world's largest economy is in hock to foreign nations is somewhat irksome and appreciating just how much debt we owe to foreign states is galling. 

China is the largest foreign holder of US debt.

Imagine hearing that you must work for the Chinese government for the next year or more, simply to pay your portion of the national debt. 

Worst of all, some of this money is owed to nations whose relationship with the US is decidedly lukewarm. 

For some shocking figures, one merely has to compare 2009 to present. In the four years Obama has been in office, household indebtedness to foreign states increased from $27,000 per household to $47,000. 

That means your family just borrowed $20,000 from other countries without you realizing it. The signature on the loan is Obama's but the bill is yours. 

Of course, purveyors of debt suggest that not all debt is bad and that it's okay because our children will pay this easily, thanks to their rising productivity level, but this apologetic is fatally flawed. US productivity is by no means increasing enough to keep pace with our growing, already debilitating debt. 

What did we get for this money? Improved infrastructure? Better education? A squadron of new stealth bombers? No, not even that. In fact, any government official would be hard pressed to point out just exactly what we did with all that money. 

Still, it has to be paid back, these are loans, not gifts. The popular solution is to merely pass the bill to the next generation, but sticking our children with the bill merely worsens what is already an unbearable situation. 

Of course, the bad news doesn't end with this, there's one more thing to consider. About half of all US households do not pay income taxes. They may pay lesser sales taxes and so on, but no payroll or income taxes whatsoever. And while some of these households no longer pay because of retirement or military service, or other very legitimate reasons, the fact remains that only about half of all Americans are paying the bill. 

So while you're paying installments in the interest to China, be advised - your share of the bill just doubled because your neighbor's not paying a dime. 

The good news: Foxconn is hiring. 


---


Pope Francis: end world hunger through 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2014
Sports:
That sports may always be occasions of human fraternity and growth.
Lay Missionaries: That the Holy Spirit may support the work of the laity who proclaim the Gospel in the poorest countries.



Comments


More Politics & Policy

In President Obama's war on religious freedom the people suffer another loss Watch

Image of A July 21 executive order has dealt a huge blow to the cause of freedom of religion in the United States.

By Catholic Online (NEWS CONSORTIUM)

President Barack Obama's July 21 executive order prohibiting discrimination based on sexual-self-identification has lead to strong criticism from several prominent U.S. bishops, calling the executive order "unprecedented and extreme." LOS ANGELES, CA (Catholic ... continue reading


Efforts against female genital mutilation could be thwarted by population growth Watch

Image of Due partly to community activism and legislation, the prevalence of FGM, which involves the cutting away of the external female genitalia, and the marriage of girls under the age of 18 has decreased slightly over the last 30 years, UNICEF said.

By Lisa Anderson, Thomson Reuters Foundation

Advances in fighting female genital mutilation, or FGM and child marriage could be offset by population growth unless the rate of progress increases, according to new data released Tuesday by the United Nations Children's Fund (UNICEF). (Thomson Reuters ... continue reading


FREE SPEECH VIOLATED: Tea party groups' lawsuit against IRS proceeds Watch

Image of Among the individuals named in the lawsuit is Lois Lerner, who headed the division that processes applications for tax-exempt status at that time.

By Catholic Online (NEWS CONSORTIUM)

They're not going to take it - and they're taking their claims to court. A federal judge has allowed a lawsuit by 10 tea party groups to move forward against the Internal Revenue Service. The judge rejected a request by the federal government to dismiss all the ... continue reading


'Suing the president is the right path to go down here,' Boehner declares Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

The House of Representatives has no plans to use its own constitutional authority to withhold funding from actions by President Obama. House Speaker John Boehner (R-Ohio) indicated that if the president takes actions that exceed his constitutional authority, ... continue reading


Federal government says state death penalties are 'unconstitutional' Watch

Image of A federal judge has called California's death penalty unconstitutional. Surprisingly though, this judge is a conservative republican, a party that has long opposed federal overreach into state rights.

By Catholic Online (NEWS CONSORTIUM)

A federal judge ruled that California's death penalty is unconstitutional on July 16, claiming that the state's system is arbitrary, unfair, and cruel and unusual because of a lengthy process that leaves prisoners in the dark about their actual death row status. ... continue reading


'American people have a right to know,' Issa proclaims Watch

Image of Darrel Issa says that Simas' testimony was

By Catholic Online (NEWS CONSORTIUM)

Oversight Committee Chairman Darrell Issa of California said administration claims that White House political director David Simas was immune from testimony were "absurd" and "deeply disturbing." Defying a subpoena, Issa has now set up a new high-profile fight ... continue reading


Cheat on your taxes? It just got a lot easier Watch

Image of If you still fear a knock at your door anytime soon, it must be noted that one's chances of getting audited vary greatly and are based on income.

By Catholic Online (NEWS CONSORTIUM)

If you cheat on your taxes - or senselessly worry that some indiscretion in your recent past will have the Internal Revenue Service shortly breathing down your neck - things just got a little bit brighter. The GOP-controlled House has voted to slash the budget ... continue reading


While federal tax revenues are at an all-time high - federal government still running a deficit Watch

Image of What's the old saying?

By Catholic Online (NEWS CONSORTIUM)

While federal tax revenues continue to run at a record pace in fiscal 2014, their still no way out of the forest yet. The federal government's total receipts for the fiscal year closed last month at an unprecedented $2,258,565,000,000, according to the Monthly ... continue reading


President Obama accused of being insufficiently engaged in border crisis Watch

Image of President Obama wishes to make clear to parents and adults in Central America that there is no payoff for sending their children on the dangerous journey northward.

By Catholic Online (NEWS CONSORTIUM)

With hundreds, if not thousands of unaccompanied children streaming across the United States' southwest border with Texas - and more on the way - America's border security and policies may be in transition. Republicans and some Democrats have since accused U.S. ... continue reading


Put the spotlight - ON ME: Obama uses first person singular 99 TIMES in speech Watch

Image of In President Obama's recent speech, he used a first person singular, on average, every 12 seconds.

By Catholic Online (NEWS CONSORTIUM)

"I," "Me," sand "My" were words used by U.S. President Barack Obama in a speech vowing unilateral action. In fact, Obama used the first person singular a whopping 199 times. This figure did not account for instances when he quoted a letter from a citizen or ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Song of Songs 3:1-4
1 On my bed at night I sought the man who is my ... Read More

Psalm, Psalms 63:2, 3-4, 5-6, 8-9
2 Thus I have gazed on you in the sanctuary, seeing ... Read More

Gospel, John 20:1-2, 11-18
1 It was very early on the first day of the week and ... Read More

Saint of the Day

Saint of the Day for July 22nd, 2014 Image

St. Mary Magdelene
July 22: She is called "the Penitent". St. Mary was given the ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter