China will destroy us. Our chief creditor has purchased vast amounts of U.S. debt, and horded so much of our currency, that it has a controlling interest in our economy and can dictate every move we make. China might pull the plug at any moment, dumping America’s debt on the open market, and bringing our once-great nation to its knees.
America has maxed out its debt again. Tim Geithner sent a letter to Congress on January 6, 2011 asking for a raise in the debt ceiling because our financial obligations remain on course to go through the roof this spring. This has consequences on the homefront and internationally, because the U.S.
When Nancy Pelosi derided the Fiscal Commission’s suggestions as “unacceptable” (see: Fiscal Commission’s Bitter Pill Outs Lawmakers’ Intentions), her more reserved colleagues must have mouthed silent thanks for saying what everyone on Capitol Hill was thinking. If behavior is any indication of intent, the lists of earmarks in the proposed 2011 Omnibus Spending Bill, and the legislative agenda for the past several months, show how sincere our leaders are about spending cuts.
Pointless hysteria culminated in a foregone conclusion as President Obama signed the contentious tax rate compromise on Friday. Harry Reid has made it clear that there is little time to waste, and quickly segued to the other bills he planned to fast track before party hopes dim in January, including the DREAM Act, which twitched and died on the Senate floor Saturday morning.
When Barack Obama established the National Commission on Fiscal Responsibility and Reform, Democratic leaders were eager to share the spotlight. Harry Reid praised his own efforts on behalf of fiscal discipline, noting in a release that “Senator Reid Championed the Establishment of a Bipartisan Commission Aimed at Reducing the Deficit.”1
A more guarded Steny Hoyer gave a nod to the goal of balancing the budget, and included Reid and Nancy Pelosi when he guaranteed that the Commission’s recommendations would be considered:
To return our budget to balance, President Obama is creating a bipartisan fiscal commission.