Today I Learn… I make a point of learning something new everyday. This is what I learn each day

1, Oct 13, 2011

Currency Bill Targeting China, the Need for a Scapegoat

Filed under: American Culture — admin @ 12:53 am

I read this news yesterday– “US Secretary of State, Hilary Clinton, said the bill reflects the frustration felt by many Americans. The US Senate has voted through a bill that aims to put pressure on China to increase the value of its currency, the yuan.”

When these politicians pick up China for their frustration and inability over American dire economic crisis, I was more than flabbergasted. Why can’t people see some of the simple facts that have led the nation to what it is now? It is simply preposterous that politicians choose to ignore these facts. Perhaps it is the cowardice in them that has disabled American politicians to claim their responsibilities. Or probably it is easy to find a scapegoat or create a common enemy to focus their energy on or even worse to shift people’s attention to the root of the problems, which are the following.

(1) The cost of the two wars runs up to more than a trillion dollars. A huge addition to the country’s debt burden.

(2) The revenue shortfall caused by the two massive income tax cuts in 2001 and 2003. According to the Congressional Budget Office, Bush tax cuts extension for two years alone will add $3.3 trillion to the national debt.

(3) The shortfall of revenue gets worse because of the 14 million jobless Americans. No job means no revenue for government and no consumer spending.

(4) Americans have been spoiled by the sense of entitlements and are so immune to any hardships that these entitlements start to accumulate and aggregate to the point of crisis

The passing of the currency bill reminds me of a Chinese saying on boomerang effect.

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