August 16, 2011

Credit Check
Biden Heads To China To Check In With Our Creditors As President Tours Country With No Jobs Plan
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“On Tuesday, Vice President Joe Biden Leaves For The Chinese Capital In Another Attempt To Put Sino-U.S. Ties On A Better Basis.” (Gordon G. Chang, “Biden Goes To Beijing,” Forbes’ “New Asia”
8/14/11)

AS OBAMA CONTINUES “DEBT-END BUS TOUR,” BIDEN VISITS CHINA TO BE LECTURED OVER DEBT
China Holds $1.16 Trillion In U.S. Debt. (“Major Foreign Holders Of Treasury Securities,” U.S. Treasury Department, Accessed 8/15/11) China Lectured, “The US Government Has To Come To Terms With The Painful Fact That The Good Old Days When It Could Just Borrow Its Way Out Of Messes Of Its Own Making Are Finally Gone.” “‘The US government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone,’ it thundered, as it reminded Americans that China was the largest foreign holder of their government’s debt.” (Jamil Anderlini, “Behind Its Lectures, China Is A
Sinner, Too,” Financial Times, 8/11/11)

China Believes It “Has Every Right” To Lecture America. “‘China, the largest creditor of the world’s sole superpower, has every right now to demand the United States to address its structural debt problems and ensure the safety of China’s dollar assets,’ Xinhua said.” (Keith Richburg, “China Bluntly Tells U.S. To End Its
‘Addiction To Debts,’” The Washington Post, 8/6/11)

“‘The Days When The Debt-Ridden Uncle Sam Could Leisurely Squander Unlimited Overseas Borrowing Appear To Be Numbered,’ The Editorial Said. ‘The U.S. Government Has To Come To Terms With The Painful Fact That The Good Old Days When It Could Just Borrow Its Way Out Of Messes Of Its Own Making Are Finally Gone.’” (Keith Richburg, “China Bluntly Tells
U.S. To End Its ‘Addiction To Debts,’” The Washington Post, 8/6/11)

BIDEN’S VISIT COMES AS OUR TRADE DEFICIT WITH CHINA AND THE WORLD REACHES NEW HIGHS, SIGNALING THE SLOWING OF THE OBAMA ECONOMY
“The Trade Gap With China Climbed To $26.7 Billion, The Widest Since September, From $25 Billion In May. Imports From China Rose To The Highest Level Since November.” (Bob Willis and Shobhana
Chandra, “Trade Deficit In U.S. Unexpectedly Widens To $53.1 Billion,” Bloomberg, 8/11/11)

“The Goods Deficit With China Increased To $26.7 Billion In June, A Cause For Concern For The Alliance For American Manufacturing As China Continues To Gain Ground On American Industry.” (Josh Boak, “U.S. Trade Deficit Widens As China Gains,” Politico, 8/11/11)

“An Unexpectedly Sharp Jump In The U.S. Trade Deficit For June To Its Highest Level In Three Years Signals More Trouble Ahead For Jobs, Income And Economic Growth.” (Don Lee, “U.S. Trade Deficit
Jumps,” Los Angeles Times, 8/12/11)

“‘It Appears That One Of The Last Fully Functioning Engines Of Growth May Be Faltering,’ Economist Gregory Daco At HIS Global Insight Said In A Note To Clients.” (Don Lee, “U.S. Trade Deficit Jumps,” Los Angeles Times,
8/12/11)

June Was The “Second Straight Month Of Worsening Trade Numbers.” “The trade imbalance rose 4.4% to $53.1 billion in June, the widest since October 2008, the Commerce Department reported Thursday. It was the second straight month of worsening trade numbers.” (Don Lee, “U.S. Trade Deficit Jumps,” Los
Angeles Times, 8/12/11)

MEANWHILE, OBAMA IS ON TAXPAYER-FUNDED ECONOMIC BUS TOUR WITHOUT A PLAN TO FIX THE ECONOMY
White House Communications Director Dan Pfeiffer Says That Despite The Economic Theme Of The Obama Bus Tour, The President Will Not Have A Plan For Jobs To Talk About. “‘His focus will be on the economy, generally, and rural America, particularly,’ Pfeiffer said when asked if the president would be laying out policies to address the larger economic issues facing the nation. ‘If you're referring to what the president might have to say about a set of ideas for creating jobs not only in rural America but all across the country that is not something this bus trip is about. That will come later,’ Pfeiffer said.” (James
Q. Lynch, “Obama Expects To Get An Earful On Midwest Bus Tour,” The Gazette [Cedar Rapids, IA], 8/12/11)

Administration Officials Believe “That The Best Thing Mr. Obama Can Do For The Economy May Be Winning A Second Term.” “Administration officials, frustrated by the intransigence of House Republicans, have increasingly concluded that the best thing Mr. Obama can do for the economy may be winning a second term, with a mandate to advance his ideas on deficit reduction, entitlement changes, housing policy and other issues.” (Binyamin Appelbaum and Helene Cooper, “White House Debates
Fight On Economy,” The New York Times, 8/13/11)

Obama Allies Are Critical Of The President For Not Coming Out Yet With A Plan For Jobs And The Budget. “Some of Mr. Obama’s political allies try to spin the story the other way, criticizing him for not coming out yet with public plans to both cut the deficit and stimulate the economy.” (Helene Cooper, “A Test for
Obama’s View of a One-Term Presidency,” The New York Times, 8/9/11)

Former Clinton Labor Secretary, Robert Reich: Obama’s Economic Proposals Are “Policy Miniatures.” “So far, O's proposals for jump-starting the economy and jobs are policy miniatures, like Clinton's 1996 ‘v-chips’ and ‘school uniforms.’” (Robert Reich, Twitter Feed, 8/14/11)

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