national debt

Is Our Debt to China the Key to Global Peace?

China debt illustration, vespar5 / Shutterstock.com

China debt illustration, vespar5 / Shutterstock.com

We’ve been hearing an awful lot about the national debt lately – particularly during the current election cycle – and specifically, we’ve gotten an earful about the problem of our enormous debt to China. Though some mistakenly believe we borrow all of our money to finance our upside-down economy from China, the truth is that they hold only about one-tenth of our total debt, which is about the same amount as we owe to Japan.

What’s staggering is that, even at 10 percent of our total indebtedness, that still amounts to well over one trillion dollars. That, in itself, is close to $3,700 for every man, woman, and child in the United States, plus interest. And if you consider that we owe ten times that much, it’s nothing short of depressing.

Afternoon News Bytes: Feb. 13, 2012

Obama Budget: National Debt Will Be $1 Trillion Higher In A Decade Than First Forecast; Why Evangelicals Must Defend Muslims; Obama's Election-Year Budget To Target Rich; GE To Hire 5,000 U.S. Veterans, Investing In Plants; Is Class War Unfolding In GOP Primaries?; It's The Wealth Gap, Stupid; From The Pulpit And In The Pew, The Knicks’ Lin Is A Welcome Inspiration; Ethics Issues Tarnish Congressional Image; Senate GOP Push For Keystone Vote On Highway Measure; Obama Administration Slows Environmental Rules As It Weighs Political Cost.

The Luck of the Irish: Occupy Ireland, The Gift and Punk Economics

View of the Shandon area of Cork City. Image via http://bit.ly/xb7NQz

View of the Shandon area of Cork City. Image via http://bit.ly/xb7NQz

Oh, how I love the Irish. Sure, I'm biased, being half a Celt myself with legion cousins still living on the old sod. (Shout out to the Bradys and Caffreys in Ballyjamesduff!)

As a self-confessed Gaelophile, I've been following the various Irish Occupy groups on Facebook for several months now, and they are endlessly entertaining — and interesting. The Occupy movement in the States is, largely at least, missing at least one key component: A sense of humor. The Irish Occupiers seem to understand that you can catch a few more flies with honey — and a good laugh — than you can with angry chants and somber rhetoric.

When I heard about a surprising turn of events at the County Cork occupation last month, I thought, That's brilliant. On Christmas Eve, members of the Occupy movement in the southern city of Cork found a present underneath the Christmas tree in their Peace Park encampment. It was a package containing a letter from "Santy" Claus, which read in part, "Dear people of Cork: Inside is a present, a gift from me to you, from all of us here at the North Pole."

The gift package also held the key to a padlocked, vacant, seven-story office building in the city center, and a list of instructions.

Let Us Be Clear: The Debt Ceiling Crisis is Purely Artificial

We have come to an impasse in the negotiations to raise the debt ceiling because of several conceptual errors in our public discourse. These errors were most glaring in the remarks recently delivered by Speaker of the House John Boehner in his response to President Obama. The largest conceptual error is the idea that the government of a constitutional representative democracy is different from the people. Boehner said, "You know I've always believed the bigger the government, the smaller the people."

What does this mean? The government is composed of the people, and if people are paying attention and voting according to their own interests, the government ought to work toward the happiness of the people. The problem is that too many Americans have bought into this conceptual error that the government is some kind of leviathan, a monster that exists to take away their liberties. This is nonsense. A correction of another conceptual error in Boehner's presentation makes my point.

BREAKING: Obama Meets with Faith Leaders on Budget Crisis

'Barack and Michelle Obama on election night' photo (c) 2008, John Althouse Cohen - license: http://creativecommons.org/licenses/by-sa/2.0/Today, I, alongside other faith leaders, met with President Obama about the critical budget debate. We are grateful and hopeful leaving this meeting. Please pray for us as the conversation continues.

Since early this spring, Sojourners, with your invaluable help, has strongly advocated with the president and Congress, asking for a responsible plan to reduce our nation's deficit -- a plan that protects the poorest and most vulnerable. We have asked, "What Would Jesus Cut?" We have prayed and fasted, and now thousands of you have signed on to the Circle of Protection: a statement on why we need to protect programs for the poor.

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