China Talks Smack About U.S. Debt

The Story:

China, with one of the most rapidly growing economies, said on Saturday that the U.S. needs to “live within its means” and “cure its addiction to debts.” China’s official Xinhua news agency released the statement quickly after Standard and Poor’s lowered its rating for U.S. debt. “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,” said the statement, which Chinese newspapers published throughout their country. The article further explained China’s misgivings toward U.S. debt but also detailed China’s financial hurdles, namely rising inflation and housing prices and trying to calm down a bubbling economy.

My Take:

When one celebrity chastises another, news agencies scurry for the story, knowing the masses desire to hear what their idols are spouting. When two countries bicker, this is even grander news, especially on a fiery issue like U.S. debt.

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