« Big Government Decrees Data Collectors in All New Cars | Main | Fareed Zakaria Castigates Constitution, Founding Fathers »
June 3, 2011
Our Rulers Give Free Money to Hostile Countries They Borrow It From
Posted by Dave Blount at June 3, 2011 11:55 AM
As the country teeters on the verge of an economic crisis of potentially catastrophic proportions due to uncontrolled deficit spending by the government, our rulers are shoveling free money at the same largely hostile countries they borrow it from:
The Congressional Research Service released a report last month, a copy of which Fox News exclusively obtained, showing that in fiscal year 2010, the latest year that data was available, the U.S. handed out a total of $1.4 billion to 16 foreign countries that held at least $10 billion in Treasury securities, including China ($27.2 million), Brazil ($25 million), Russia ($71.5 million), India ($126.6 million), Mexico ($316.7 million) and Egypt ($255.7 million).
China is the largest holder of U.S. Treasury bonds with $1.1 trillion as of March, according to the Treasury Department. Brazil held $193.5 billion, Russia had $127.8 billion, India owned $39.8 billion, Mexico held $28.1 billion and Egypt had $15.3 billion.
Senator Tom Coburn (R-OK) pointed out the obvious:
"Borrowing money from countries who receive our aid is dangerous for both the donor and recipient. If countries can afford to buy our debt, perhaps they can afford to fund assistance programs on their own."
As for the limousine liberals directly responsible for the demented largesse:
The State Department did not respond to a request for comment.
Here's a comment: Irresponsibility and incompetence can no longer explain the government's policies; willful treasonous malevolence can.
On a tip from G. Fox.