China’s Xinhua to U.S. leaders: Show some “sense of global responsibility”

posted at 12:30 pm on July 28, 2011 by Tina Korbe

It is time for Washington to revisit the time-tested common sense that one should live within one’s means.

Yes. I could not agree more. That advice, courtesy of China’s state-run news agency, Xinhua, which today published a frank criticism of the debt-and-deficit-reduction wrangling among the president and congressional leaders. The Wall Street Journal reports:

A U.S. default could cause a global recession even worse than the downturn that followed the 2008 financial crisis, and stock markets around the world are already signalling concern, Xinhua said. …

The sharply worded commentary by Xinhua, one of China’s most official media outlets, indicates rising alarm in China over the prospect of a U.S. default, and some of the damage that the debt-ceiling fight has already done to the U.S.’s reputation here. …

“With leadership comes responsibility. It is unfortunate and disappointing that when political leaders in Washington spar over who is doing good for their country, they take little account of the world’s economic soundness.”

Hmm. “With leadership comes responsibility.” Somebody has told the president that, right? While House Speaker John Boehner breaks his back to line up support for a bill “nobody is supporting on its merits,” as AP put it so perfectly last night — presumably for no other reason than to avoid default, the president hides behind a pseudo-veto threat and the hope of a handshake-based deal (i.e. a deal with no details).

China’s mounting concern about a default might be misplaced, of course. As so many have said, the country can function under a debt limit budget for some time yet (not without extremely hard and painful choices, though). But the Xinhua commentary underscores the essential urgency of actual reform. That only will provide long-lasting reassurance to our lenders and, should the U.S. face a credit downgrade in the first place, that only will restore our AAA rating.

That sort of reform was what Republicans attempted — and, hopefully, will continue to attempt — with “Cut, Cap and Balance.” In the meantime, with the deadline fast approaching, Boehner (and, shoot, even Reid) shows more leadership than Obama. His scrambling for a plan suggests he takes the president’s insistent warnings about default more seriously than the president does.

The House is scheduled to vote on Boehner’s bill today. If it passes, which it’s looking increasingly likely to do, that will mark at least the fourth plan Republicans have presented, from the Ryan budget to Cut, Cap and Balance to McConnell’s compromise. All along, the Democrat criticism has been that no plan Republicans have presented has provided any sweetener at all (i.e. — no tax hikes) — but if Reid is willing to forgo revenues in his own plan, will they really die on the hill of the timeline for a debt limit increase?

As the quickly developing “conventional” wisdom about the Boehner plan goes, if it passes the House, Reid will do something with it in the Senate, however much he might repeat, “Democrats will not vote for it.” And whatever hits the president’s desk, he will sign or look extremely sheepish in the face of his own carping about the hard-and-fast Aug. 2 deadline and “inevitable” default.


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Wow, love being schooled by China.

Cindy Munford on July 28, 2011 at 12:33 PM

Even Chinese Communists understand that you can’t spend more than you make.

shick on July 28, 2011 at 12:35 PM

Earth to Obama: With leadership comes responsibility.

Allow me to repeat myself:

Republicans are the ones who have created this crisis. We could just raise the debt ceiling. Takes two seconds. Dems would, reluctantly at this point, do that.

But Republicans are the ones demanding that spending cuts be tied to it. Dems said OK and have proposed cuts (some being negotiated with Republicans through the Biden talks).

Dems demanded that some revenue increases be tied to raising the debt ceiling (with, along with spending cuts, are the two best ways to actually reduce the debt). Obama’s proposal that he was working with Boehner on was HEAVILY skewed toward spending cuts. Republicans said no, despite a large majority of Americans agreeing with Dems that new revenue should be part of any compromise.

Now, Reid has a bill that’s ALL cuts, no revenue, only requires one vote instead of two (who wants to go through this again in 6 months) and, according to CBO, reduces the deficit more than BOTH of Boehner’s bills.

But, that’s not good enough for Republicans either (apparently… we’ll see in a couple days).

The problem is the teajadists, who are a block within the Republican-controlled house that has to deal with a democratic-controlled Senate and White House. They somehow don’t think they need to compromise; they live in a dream world where they can just have whatever they want. So they demand even more… a lubricious balanced budget amendment.

W-T-F? Seriously. If it weren’t putting our economy in needless peril, it would be laughable.

These guys are petulant morons…. or, as Bruce Bartlett put it:

i think a good chunk of the Republican caucus is either stupid, crazy, ignorant or craven cowards, who are desperately afraid of the tea party people, and rightly so.

Tom_Shipley on July 28, 2011 at 12:37 PM

With leadership comes responsibility

So if Obama’s leading from behind, does that mean he’ll take responsibility after the fact?

John Deaux on July 28, 2011 at 12:38 PM

“With leadership comes responsibility.” Somebody has told the president that, right?

Obama: Oh… yeah, I always like Spiderman, I though it was cool. In fact, that is a good idea. Let’s start a govt program to ensure that all kids can see Spiderman on the big screen! I’ll have Harry Reid write the bill up.

jeffn21 on July 28, 2011 at 12:40 PM

They somehow don’t think they need to compromise; they live in a dream world where they can just have whatever they want. So they demand even more… a lubricious balanced budget amendment.

Tom_Shipley on July 28, 2011 at 12:37 PM

Sorry there, I just spit coffee everywhere laughing. Yep, the Dems are most definitely the party of compromise. Their loyalty to this country has certainly been compromised.

BadMojo on July 28, 2011 at 12:41 PM

Sound economic advice from a communist country. The Whine is to the left of communists. We are definitely through the looking glass.

rbj on July 28, 2011 at 12:42 PM

Tom_Shipley on July 28, 2011 at 12:37 PM

Haven’t you already posted this once?

a capella on July 28, 2011 at 12:42 PM

Shipley: Lie all you want. We’re not listening.

Tina: I completely disagree with China’s ending statement that you quote. Basically, their argument is that they’re not happy because we’re caring about ourselves, not ‘the world’. Since when should the US do what’s best for the world, if it’s not what’s best for this country?

I don’t exactly see China in that position… do you?

Scott H on July 28, 2011 at 12:42 PM

Tom_Shipley on July 28, 2011 at 12:37 PM

I see a stupid person and he doesn’t even know he is stupid.

shick on July 28, 2011 at 12:43 PM

Tina, you should also link to that WSJ editorial on our turning our backs on Iraq. Sad state of affairs.

John the Libertarian on July 28, 2011 at 12:43 PM

Ah, I see you have.

Allow me to repeat myself:

Tom_Shipley on July 28, 2011 at 12:37 PM

A man proud of his work.

a capella on July 28, 2011 at 12:44 PM

Scott H on July 28, 2011 at 12:42 PM

What we’re doing (or not doing) is not good for anybody. The Chinese call it selfish, because in China, that’s the worst thing you can say about someone.

RBMN on July 28, 2011 at 12:45 PM

Nice talkin’ points ya got there Shipley. Sure is a shame reality doesnt’ back you up.

Gus Bailey on July 28, 2011 at 12:46 PM

A man proud of his work.

Well, there’s really nothing left to be said (and I did updated it slightly).

Tom_Shipley on July 28, 2011 at 12:46 PM

Someone who shall remain nameless, but whose name rhymes with Rahm Dipley, clearly isn’t paying attention. The truth is the truth even if you don’t believe it, Rahm, and a lie is a lie even if you do.

GoodSamaritan on July 28, 2011 at 12:48 PM

The chinese are worried because if the dollar declines in value, they lose market share and jobs…the market share and jobs they are using to build their military which is based on their manipulating their currency to an unreal low against the dollar and Euro. Their manipulation keeps their Yuan artificially low thereby sucking manufacturing jobs from the rest of the world and buidling their industrial strentgh on the back of the US and Euro job seekers. We may be able to purchase chinese made goods at Walmart for low prices, but the result is you make less in salary and our unemployment rate goes up. If we had a president that knew anything, he would be telling the chinese that if the failed to revalue the Yuan, he would be implementing a rising tariff on chinese goods shipped to the US…If the Euro folks did the same, china would rattle their sabers and then fold their tents……
Obama should also tell the chinese that they needed to increase their female population by 125% over the next 25 years or face the same tariffs. There is no reason for china to have a spare 25,000,000 young men sitting around unless they were planning a war…,.

colonelkurtz on July 28, 2011 at 12:50 PM

[Tom_Shipley on July 28, 2011 at 12:37 PM]

This might all be accurate if it weren’t for the fact that credit agencies are downgrading the creditworthiness of of US debt not because the government hasn’t just upped the debt ceiling as you suggest, but because of their estimation of the ability of the government to pay it back eventually.

The agencies are intimating that they want to see deficits brought under control, not an easy-peasy vote on a debt-ceiling increase.

Try again with something that squares with reality, okay?

Dusty on July 28, 2011 at 12:53 PM

China scolding us. Russia’s relationship with us faltering. Middle east has no respect for us. Europe has disdain for us.

Wow! Obama’s just doing a bang up job all the way around, isn’t he? *rolls eyes*

capejasmine on July 28, 2011 at 12:54 PM

Allow me to repeat myself:

Tom_Shipley on July 28, 2011 at 12:37 PM

In case you didn’t know he was a liar and an ignorant one at that.

Vince on July 28, 2011 at 12:58 PM

I am guessing the Chinese are not going to be backing Obama in 2012 :) The progressives have painted themselves into a corner. Obama has the proverbial sword of Damocles hanging over him.

Dr Evil on July 28, 2011 at 12:59 PM

Tom_Shipley on July 28, 2011 at 12:37 PM

A debt ceiling increase with real, substantial cuts from the first year onward *is* the compromise position.

MMW on July 28, 2011 at 12:59 PM

Tom_Shipley on July 28, 2011 at 12:37 PM

As long as you are repeating yourself, I believe the current POTUS deserves a chance to be heard again too:

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.”

Barack Hussein Obama, 2006

Bishop on July 28, 2011 at 12:59 PM

Don’t worry China, Nancy Pelosi has an explanation for you:

What we’re trying to do is save the world from the Republican budget..We’re trying to save life on this planet as we know it today.

forest on July 28, 2011 at 12:59 PM

I struggle with two possibilities:
1) Obama wants to get re-elected and will ultimately sign anything so we do not default.
2) Obama could care less if we default because what his real strategy is Cloward/Piven based so actually he really wants the U.S. to go down the toilet.

Any takers?

shick on July 28, 2011 at 1:00 PM

Barack Hussein Obama, 2006

Bishop on July 28, 2011 at 12:59 PM

But the definitions of words like leadership, debt and financial responsibility have changed since 2006./sarcasm

shick on July 28, 2011 at 1:02 PM

China scolding us. Russia’s relationship with us faltering. Middle east has no respect for us. Europe has disdain for us.

Wow! Obama’s just doing a bang up job all the way around, isn’t he? *rolls eyes*

capejasmine on July 28, 2011 at 12:54 PM

Obama Obama Obama Obama O Sh1t 17 more months ;)

Dr Evil on July 28, 2011 at 1:03 PM

I struggle with two possibilities:
1) Obama wants to get re-elected and will ultimately sign anything so we do not default.
2) Obama could care less if we default because what his real strategy is Cloward/Piven based so actually he really wants the U.S. to go down the toilet.

Any takers?

shick on July 28, 2011 at 1:00 PM

Number one.

Vince on July 28, 2011 at 1:03 PM

As so many have said, the country can function under a debt limit budget for some time yet (not without extremely hard and painful choices, though).

And it is far past time for those choices.

Tom_Shipley on July 28, 2011 at 12:37 PM

If you really believe this, it’s hard to know where to begin. How about with the fact that in no other situation do the borrowers get to negotiate with each other about how much they are going to borrow, while leaving the lender completely out of it? Or with the fact that any person with a modicum of sense recognizes when he is desperately in debt, the answer is not to increase his credit and keep spending? Or with the fact that nowhere but in Washington does “I’m not going to overspend as much as initially planned, and will call that budget cuts and savings” actually make sense?

DrMagnolias on July 28, 2011 at 1:03 PM

We have a couple of teen exchange students from China staying with us. Thankfully, they’re not interested in politics or world affairs, or I’d be embarrassed at our willing enslavement to the ChiComs.
“The borrower is servant to the lender.” — a Biblical Proverb

itsnotaboutme on July 28, 2011 at 1:03 PM

Bishop on July 28, 2011 at 12:59 PM

Ouch, that’s going to leave a mark.

Rebar on July 28, 2011 at 1:03 PM

What China really meant to say is . . . show us our interest payments.

rplat on July 28, 2011 at 1:04 PM

The Tea Party is the only adult in the room. They’re the only one with a plan on the table that actually preserves the nations credit rating, and it’s been there for many days. The Republican Party doesn’t care, they are only concerned about who wins, D or R, with no real concern about spending cuts and the nations credit rating at all.

It’s just a game to them, and the tea party is the only one who’s not playing, instead presenting an actual solution.

FloatingRock on July 28, 2011 at 1:05 PM

Don’t kid yourself. This is not advice but effort to scare up a quick deal of more of the same. China wants more American debt to fund their military build up.

FeFe on July 28, 2011 at 1:06 PM

Dems demanded that some revenue increases be tied to raising the debt ceiling (with, along with spending cuts, are the two best ways to actually reduce the debt).

I love the oh-by-the-way “along with spending cuts” offhandedness in addressing the actual problem: too much spending. A good leftist, though, always sees the main issue as not enough of your money.

with, along with

You posted this twice? Maybe edit a third time?

WitchDoctor on July 28, 2011 at 1:08 PM

Tom_Shipley on July 28, 2011 at 12:37 PM

Just to clarify, Senator Obama voted against raising the debt ceiling in 2006, he failed to cast a vote (or in other words voted “present”) on the 20007 and 2008 ceiling increase measures.

Bishop on July 28, 2011 at 1:08 PM

Don’t kid yourself. This is not advice but effort to scare up a quick deal of more of the same. China wants more American debt to fund their military build up.

FeFe on July 28, 2011 at 1:06 PM

Interesting perspective.
You may be correct.

itsnotaboutme on July 28, 2011 at 1:08 PM

Boehner’s bill apparently only cuts 22 billion in ’12, which is the only year the bill will have power over. If you multiply that times 10 it only amounts to 220 billion over 10 years. The CBO estimates are based on promises that are not credible.

FloatingRock on July 28, 2011 at 1:10 PM

After what the Republican party has done with the past half a year with some power, I doubt I can ever vote for this party again in my lifetime. Their willingness to ruin our country’s credibility to score some political points is beyond disgusting and anyone who voted them into power last year should be ashamed of themselves. Thanks for burning the entire world down to hurt Obama guys!

Typhonsentra on July 28, 2011 at 1:12 PM

“With leadership comes responsibility.”

NOT in Barry’s world. Leadership comes with a nifty jet for date nights, and sending Momma and the kids to foreign countries on the taxpayers dime. And having 2 or 3 parties every week. And flying off to golf games by helicopter.

GarandFan on July 28, 2011 at 1:14 PM

After what the Republican party has done with the past half a year with some power, I doubt I can ever vote for this party again in my lifetime. Their willingness to ruin our country’s credibility to score some political points is beyond disgusting and anyone who voted them into power last year should be ashamed of themselves. Thanks for burning the entire world down to hurt Obama guys!

Typhonsentra on July 28, 2011 at 1:12 PM

Vote democrat
vote libertarian
don’t vote

None of these paths do anything useful. I’m assuming you immediately laughed to yourself and mentally added “vote republican” to the list :) But seriously, the freshmen tea party-type reps seem to be trying. We just need more of them.

WitchDoctor on July 28, 2011 at 1:16 PM

Just remember bayam’s words of wisdom on the subject:

It would make the US a far less stable place to do business than Germany or China where such budgetary restrictions don’t exist.

bayam on July 18, 2011 at 2:00 PM

Chip on July 28, 2011 at 1:20 PM

We have a couple of teen exchange students from China staying with us. Thankfully, they’re not interested in politics or world affairs, or I’d be embarrassed at our willing enslavement to the ChiComs.

itsnotaboutme on July 28, 2011 at 1:03 PM

What? China actually lets young students travel to the US?

DarkCurrent on July 28, 2011 at 1:20 PM

It is time for Washington to revisit the time-tested common sense that one should live within one’s means.

Much easier if you can just kill a few tens of millions.

tarpon on July 28, 2011 at 1:21 PM

China is not asking for responsibility, they are asking for a debt ceiling increase, which will allow the US to keep buying Chinese products, which will support China‘s GDP numbers, which will keep social unrest in China at a minimum, and which will help fund China‘s military and political aims abroad.

Always thinking globally, those Chinese.

Vashta.Nerada on July 28, 2011 at 1:21 PM

shick on July 28, 2011 at 1:00 PM

Vince on July 28, 2011 at 1:03 PM

It’s a win-win for little Bammie. We give him all the spending he wants, he gets his income redistribution, and brings us closer to hyperinflation, the ultimate fiscal redistribution.

We shut him down and he gets default, a perfect crisis for him to take advantage of and blame on Republicans.

slickwillie2001 on July 28, 2011 at 1:23 PM

Tom_Shipley on July 28, 2011 at 12:37 PM

Who decided to spend as thought there were no tomorrow?

Who decided to tax as thought there were no tomorrow?

Who refused to show a shred of leadership with a Plan to solve the problem?

Chip on July 28, 2011 at 1:25 PM

What? China actually lets young students travel to the US?

DarkCurrent on July 28, 2011 at 1:20 PM

Why wouldn’t they? Free tuition.

shick on July 28, 2011 at 1:30 PM

Here’s a link to the original Xinhua article (in English).

DarkCurrent on July 28, 2011 at 1:31 PM

Who decided to spend as thought there were no tomorrow?

Miss him yet?

Tom_Shipley on July 28, 2011 at 1:32 PM

Boehner’s bill apparently only cuts 22 billion in ’12, which is the only year the bill will have power over. If you multiply that times 10 it only amounts to 220 billion over 10 years. The CBO estimates are based on promises that are not credible.

FloatingRock on July 28, 2011 at 1:10 PM

You never remember that this bill runs it’s course in april of 2012 when we get to do another one. The only reason I like this.

Vince on July 28, 2011 at 1:33 PM

Why wouldn’t they? Free tuition.

shick on July 28, 2011 at 1:30 PM

I’d guess it costs them more to make the trip than it would cost to stay in school in China, unless it’s subsidized entirely.

DarkCurrent on July 28, 2011 at 1:33 PM

We shut him down and he gets default, a perfect crisis for him to take advantage of and blame on Republicans.

slickwillie2001 on July 28, 2011 at 1:23 PM

But many times he doesn’t seem that bright. Like he buys the whole commie playbook but he’s not smart enough to see how to play it. It’s like someone else is pulling the strings of his empty suit.

shick on July 28, 2011 at 1:33 PM

After what the Republican party has done with the past half a year with some power, I doubt I can ever vote for this party again in my lifetime. Their willingness to ruin our country’s credibility to score some political points is beyond disgusting and anyone who voted them into power last year should be ashamed of themselves. Thanks for burning the entire world down to hurt Obama guys!

Typhonsentra on July 28, 2011 at 1:12 PM

That just doesn’t make sense!

Vince on July 28, 2011 at 1:34 PM

So China, you can start by stop making shit products.

reddevil on July 28, 2011 at 1:35 PM

Hear me, my friends: All conservatives want to slow the runaway train of the growth of government spending.
Boehner wants to apply the brakes.
Bachmann & the Tea Party want to drop a boulder in front of the train.
Which faction will appeal to moderates? Without the moderate vote, you can’t win a national election.

itsnotaboutme on July 28, 2011 at 1:35 PM

Miss him yet?

Tom_Shipley on July 28, 2011 at 1:32 PM

Nope

fogw on July 28, 2011 at 1:36 PM

Tom_Shipley on July 28, 2011 at 12:37 PM

Chip on July 28, 2011 at 1:25 PM

Tom, you may want take a look at the date on your posting: 2011

Now I realize that it’s shocking to realize that so many years have gone by, but they have.

Maybe you would like to forget all of that because your hero Obama and his merry band of National Socialists have been in charge most of the time.

Hence the use of the phrase:

With leadership comes responsibility.

Who decided to spend as thought there were no tomorrow?

Who decided to tax as thought there were no tomorrow?

Who refused to show a shred of leadership with a Plan to solve the problem?

Now, can you even get close to answering these questions – remembering that it’s 2011 and not 2006?

Chip on July 28, 2011 at 1:40 PM

I struggle with two possibilities:
1) Obama wants to get re-elected and will ultimately sign anything so we do not default.
2) Obama could care less if we default because what his real strategy is Cloward/Piven based so actually he really wants the U.S. to go down the toilet.

Any takers?

shick on July 28, 2011 at 1:00 PM

Both. He really likes all the perks of the office, even if the job itself kind of sucks in his estimation.

Besides, he needs another term to complete the job of #2.

hachiban on July 28, 2011 at 1:40 PM

Middle Earth to Obama……

……you smell all the way to Hobbiton!!!

PappyD61 on July 28, 2011 at 1:43 PM

Xinhua is late to the party… Who cares…
-

RalphyBoy on July 28, 2011 at 2:18 PM

This reminds me of the Saturday Night Live skit with Obama and the Chinese leader. China just wants to be kissed while Obama is doing s*x to him.

Old Fritz on July 28, 2011 at 2:36 PM

Whole world hopes it can hold its breath until 1-20-2013…

J.E. Dyer on July 28, 2011 at 2:38 PM

This reminds me of the Saturday Night Live skit with Obama and the Chinese leader. China just wants to be kissed while Obama is doing s*x to him.

Old Fritz on July 28, 2011 at 2:36 PM

lol

shick on July 28, 2011 at 3:00 PM

Tom_Shipley on July 28, 2011 at 12:37 PM

.
Don’t you think you’re being just a tad bit partisan, there? If not, then regale yourself with the sight of that saintly moderate, Al Franken, welcoming his Republican overlords to the rest of his life in the USA.
.
That’s change liberal Democrats can believe in!

ExpressoBold on July 28, 2011 at 3:08 PM

Tom_Shipley on July 28, 2011 at 12:37 PM

Yeah, good idea, pass a long term financial bill without knowing the impact of the bill…you are an f’in genius.
How about passing a bill, wait six months, see the effect, than adjust the bill.
I don’t care, and neither should you, how much extra work it takes for our political leaders to figure this out.
Your stupidity never, ever, amazes me…but then you are a liberal…

right2bright on July 28, 2011 at 3:49 PM

RACISM! PURE AND SIMPLE!

That woman sued Harvard for using bad credit as an excuse for not hiring her. Everyone knows minorities have bad credit.

How is our nation to progress if we don’t screw up our finances? What the heck are we? Switzerland?

Jerks!

IlikedAUH2O on July 28, 2011 at 4:53 PM

Tell China to pound sand, and do the subtle things that rile the country up. Put some more boats to accompany the Philippines’s presence in the South China Sea, have more chats with the Dalai Lama, defend people who call out bad manufacturing/labor practices by China, and otherwise make things hot under the collars for the Middle Kingdom – yet only enough to have angry words sent our way.

If the PRC’s government wants any serious discussion, they should be prepared to lose face.

sethstorm on July 28, 2011 at 9:52 PM