U.S. bonds give Chinese some worry

The Chinese already hold $1 trillion in U.S. bonds, and Barack Obama wants them to help finance his $787 billion economic stimulus package as well as his plans to increase spending by 32 percent, to $3.9 trillion this year. In the next five years, his wild spending plans would double the national debt, and in 10 years, the debt would triple. And where does Obama plan to get the money? From the Chinese, of course; they have money to spend resulting from our large trade deficits with China. But the Chinese are beginning to worry. Chinese Premier Wen Jinbao has said "Of course, we are concerned about the safety of our assets. To be honest, I am definitely a little worried." But Obama has told the Chinese that they can have "absolute confidence" in their investments in the U.S, and he points to his record on fulfilling his campaign promises. He hopes that they haven't heard of his campaign promise to fight congressional earmarks or shutting down Guantanamo without having a clue about what to do with the prisoners. Jinbao should be worried.

Robert Graham

Naperville