ICYMI: Chinese Professor Explains Fall of America

Citizens Against Government Waste

Bill Smith, Editor: On October 22, 2010, the ARRA News Service joined in support of the efforts Citizens Against Government Waste (CAGW) to pre-release via the Internet the follow ad. The non-partisan ad addressed the threat to America's future created by turning our backs on the principles that made America great and our economy strong. It also portrays the "potential consequences" of failing to get the national debt under control and having our debt owned by foreign governments.

You may have noted the CAGA ad has run several times recently on the FoxNews Network and has caught the attention of people concerned about government waste and spending and our country borrowing from foreign governments. As expected, not everyone is happy about the ad as noted in Chinese Professor Elicits Strong Response. A couple days ago, The Hill published an op-ed by CAGW President Tom Schatz in which he points out that:

China owns $1.2 trillion – or 26 percent – of the $4.45 billion in U.S. debt held by foreign nations.” The op-ed continues, “There are real consequences to foreign-owned U.S. debt, especially when it is being held by non-democratic countries like China, and oil exporting countries like Libya, Iran, Iraq, and Nigeria, which combined are the fourth largest foreign holders of U.S. debt. Look no further than the nightly news for a taste of how dangerous it is for the United States to be at the mercy of dictatorial regimes. Underscoring this point, in August 2010, Joint Chiefs of Staff Chairman Adm. Mike Mullen called the national debt, ‘the most significant threat to our national security.’ What’s more, the terrible earthquake and tsunami in Japan – the second largest foreign holder of U.S. debt – means that nation will be rightly using more of its resources to address its own needs rather than sending billions of dollars overseas.

Schatz further identifies, "The ads in his remarks The ad is not about China or its economy or its political system; or any nation other than the United States. If France held the largest portion of foreign-owned U.S. debt, the ad would have been in French. . . . A few facts to consider for those who are screaming (online) about the ad: Foreign holdings make up nearly half – 47 percent – of the country’s obligations, and more than doubled from approximately $2 trillion in 2005 to the current level of $4.45 trillion. For those who believe that CAGW has “taken sides” or is being “partisan” in the ad or elsewhere, note the facts on the “Why China?” media page.

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Original Post: Chinese Professor Explains Fall of America

[Video] This new ad is part of an ongoing communications program in CAGW's decades-long fight against wasteful government spending, increased taxes, out-of-control deficit spending, and a crippling national debt that threatens the future and survival of our country.

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