We Owe China Essay

773 words - 4 pages

The United States Treasury Department put out its numbers for “MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES” recently. This is the list of foreign entities the American government owes money. Topping the list is China, with a grand total of 1.317 trillion. Japan is second with 1.186 trillion. Over two and a half trillion combined to these two nations. Our total foreign debt is 5.717 trillion. Summing up the numbers; 43.8% of our foreign debt is to China and Japan. We borrow so much money from China and Japan they make Caribbean Banking Centers a far distant third, having only borrowed a measly 290.9 billion from them. You can find all these numbers at: http://www.treasury.gov/resource-center/data-chart-center/tic/Documents/mfh.txt.

What does all this mean for our nation? In an attempt to answer this question I want to bring this down to a personal level because many Americans are drowning in debt. We’ve overextended ourselves, we work and work and work and it seems like we are never getting ahead. A decent paycheck comes in but after we pay the bills there is no extra.

Proverbs 22:7 “The rich ruleth over the poor, and the borrower is servant to the lender.” God never says that borrowing money is a sin but He does give guidelines to the lender and warnings to the borrower. The key word in the verse may be the little two letter word “is.” God did not say a borrower could become a servant to the lender or he may be a servant; he said that he is the servant.

The United States is a servant to China and Japan, which makes us all a servant to them. On the web page noted above the Treasury Department list 37 different lenders to the United States. The 38th name on the list is, “All Other.” I don’t know how many all other are. We all have dozen of masters.

Think of it this way, about ten cents of every tax dollar goes to pay off foreign debt. If you make $10 an hour, for every $100 dollars in taxes you pay, you work one hour for China and the rest of the places we owe money. The borrower is servant to...

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