China Share of U.S. Treasuries Reaches All-time High
U.S. Has No Plan to Curb Debt, Restore Fiscal Solvency
(Washington, D.C.) – According to recently-released U.S. government data, the nation of China now owns a greater share of the U.S. debt than ever before. The report shows that in November, 2013, China's debt purchases reached a total of $1.3 trillion, compared to the $2 trillion owned by the Fed.
The U.S. national debt is currently in excess of $17 trillion, and rising by hundreds of billions dollars annually. The President has not worked with Congress on a plan to rein in the deficit and stop the annual borrowing. Until and unless this happens – and the United States balances its budget – it will continue to depend on private investors, the U.S. Federal Reserve, and nations such as China to fund its deficit spending.
Daniel Garza, Executive Director of The LIBRE Initiative released the following statement:
"It's ironic that as the U.S government continually expands, we have become used to a private economy that barely grows at all. And as our economy lags, our country becomes more dependent on borrowing from abroad – and on money created by the Federal Reserve, which ultimately increases inflation.
Other nations learned from America the importance of shrinking the size and scope of government and growing the private sector economy. It is something America needs to do again. American workers can compete better than any workers in the world – if we lift the excess taxes and regulations that are stopping them. Mandates like those imposed by the health care law are stifling growth and blocking hiring. They increase our dependence on global rivals, which is ultimately unsustainable. It's time to unleash America's workers and businesses to compete and win – and it starts by putting clear limits on a government that is too big, and borrows too much."
For interviews with a LIBRE representative, please contact: Judy Pino, 202-578-6424 or Brian Faughnan, 571-257-3309.