Credit due all around for America's high debt

Tuesday, July 5, 2011
© Copyright 2013 Albany Herald

July 1, 2011, represents the 90th anniversary of the People's Republic of China, which we now know as Beijing (Peking). They are celebrating 90 years as a government. We have known them as an adversary, or the debt holder of our IOUs.

I have also seen advertising as our debt holder. We Americans work for the Chinese. But that is not the whole truth. We owe many countries. Starting in the 1970s and until now, we worked for the Saudis; from the 1980s until now, we worked for the Japanese; from the 1990s until now, we worked for mysterious investors that the experts called Saudis, but it was the Indonesians; and from the 2000s until now, we worked for China.

We have major debt that goes back until the 1970s and are paying for. The Republicans say our debt is too high, and that our money is running short. Both parties are responsible for the debit crisis. Both parties must take credit for the debt.

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