By Keshav Prasad Bhattarai
Eurasia Review - June 22, 2013
A recent Heritage report says that America’s total debt has reached
$17 trillion that means $53,769 on the head of every citizen. It is
eating up $11,000 from the income of every American family – eliminating
opportunities for career advancement, paralyzing job creation, lowering
wages and salaries and according to President Obama’s former Joint
Chiefs of Staff Mike Mullen, it is the biggest threat to security.
In 2012, United States imported $425.6 billion, in goods from China
that is about one third of China’s total exports. However, total exports
to China from United States in 2012 were just $110.6 billion. According
to Ian Bremmer, a terrific American political analyst, “United States
now borrows about $ 4 billion per day, nearly half of that from China”.
China, on the other hand has begun to express its anxiety about the
safety of its assets and U.S.’s ability to pay back its debt. China
holds some $1.2 trillion worth of U.S. Treasury debt, about 8 percent of
the total outstanding.
A country that was one of the poorest in world has become a lender to
world’s wealthiest and most powerful country in just a period of 30
years.
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