Wednesday, July 01, 2009

In which Jonah Goldberg doesn't know that Canada and Mexico are foreign countries.

Pantload:
In other words, we are a “net debtor” to the tune of $3.47 trillion. That represents a 62 percent increase over 2007. Foreigners, most significantly China, own nearly 50 percent of our government’s public debt.

So while the Obama administration frets over the largely phony idea that we are dangerously dependent on foreign oil (Canada sends us about as much oil as the entire Persian Gulf region, and Mexico not much less), we are increasingly threatened by dependence on foreign bondholders who could wreak havoc on the dollar and our interest rates far more easily than OPEC could cut off our oil.
Now I'm not sure about this, but I think Canada and Mexico have not yet been annexed by the United States. Also, it's touching that Doughbob is so worried about Chinese debt -- which doubled under 8 years of George W. Bush.

Finally, there's this.
President Bush said Monday the economy is growing steadily and jobs are plentiful, but America must work harder to break its dependency on foreign oil.

Making a Labor Day appearance at Maryland’s Paul Hall Center for Training and Education, which offers vocational training to Seafarer’s International Union members, Bush said “dependence on foreign oil jeopardizes our ability to grow.”

It's amazing how much wrongness he can cram into a single graf.


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