by Dr. Ed Berry, aka badassBerry
Who holds the majority of US government debt?
What percentage of products consumed in the US are produced in the US?
What percentage of products consumed in the US are produced in China?
All correct answers are c).
China holds about 7.5% of US debt. Most U.S. debt is held by US institutions and individuals. US makes most of what it consumes. US dependence on China is small.
The US economy will survive in spite of Obama, the Democrats, global warming believers, environmental wackos, a bunch of stupid voters, and those who live off the government.
We will survive and prosper because we have enough smart people who will develop our abundant gas and oil resources, create more efficient manufacturing, and produce valuable new products.
America will become a net exporter of energy and begin to pay off our debt. American manufacturing will make a comeback because of new, cheap energy (not wind energy). Labor cost is second to energy cost in modern manufacturing.
Still, while our economy will do fine, our freedom will suffer because of the stupid people who did not vote for Romney and other Republicans while they had the opportunity. Obama will use his opportunity to turn America into a socialist country.
Australia will profit significantly from its Arckaringa Basin oil reserves estimated to be worth $20 trillion. The energy resource finds in America and Australia will help America dominate the future world economy. China will buy Australian oil and will continue to grow. Europe is pretty much toast.