Where the Money Is
By BOB HERBERT
NYT
A trillion here, a trillion there ...
President-elect Barack Obama is warning us to expect trillion-dollar budget deficits “for years to come.”
The economy is in a precipitous downturn and no one, on the left or right, is advocating tax increases that would jeopardize a recovery.
In the meantime, we’re spending money as fast as we can: the Troubled Asset Relief Program ($700 billion and counting); Mr. Obama’s proposed stimulus program ($800 billion and counting); and important initiatives still to come, like an overhaul of the way we pay for health care.
China, which has purchased more than $1 trillion of American debt, is getting antsy. As Keith Bradsher of The Times has reported, the global downturn has prompted Beijing “to keep more of its money at home, a move that could have painful effects for U.S. borrowers.”
(Continued here.)
NYT
A trillion here, a trillion there ...
President-elect Barack Obama is warning us to expect trillion-dollar budget deficits “for years to come.”
The economy is in a precipitous downturn and no one, on the left or right, is advocating tax increases that would jeopardize a recovery.
In the meantime, we’re spending money as fast as we can: the Troubled Asset Relief Program ($700 billion and counting); Mr. Obama’s proposed stimulus program ($800 billion and counting); and important initiatives still to come, like an overhaul of the way we pay for health care.
China, which has purchased more than $1 trillion of American debt, is getting antsy. As Keith Bradsher of The Times has reported, the global downturn has prompted Beijing “to keep more of its money at home, a move that could have painful effects for U.S. borrowers.”
(Continued here.)
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