Monday, April 20, 2020

A Chinese American idea for a better America

First posted on Asia Times
I am a proud Chinese-American and proud to have been nurtured by the best of both worlds. I am enriched by the culture and long history of my motherland and an America that offered me the opportunity to obtain a great education and live my American dream. 
Naturally I have great affection for everything Chinese, from folk tales to historical legends to great food. I am amazed at how quickly China has caught up to the modern world and deeply moved by the millions upon millions of people whom China has lifted out of poverty. 
Nevertheless, while I am proud of China’s accomplishments, what happens in China is not my business. I am an American citizen. My loyalty is with the US, and my vested interests and concerns rest with what my country will be like for my children and grandchildren.
Therefore, it’s time for me to take a look at how we can make America better if not great again. Since I have been thinking a lot about this matter, this is an opportunity to share my views with readers.

By the time we finally put the Covid-19 pandemic behind us, the US Federal Reserve will have printed multiple trillions of dollars, in essence out of thin air, to keep the economy going. 
I can’t predict how all this paper money not backed by any asset will eventually impact the American economy. There are plenty of distinguished economists studying whether and when we will face inflation, depression, stagflation, devaluation, or some combination thereof.
Suffice it for me to say that we can’t in good conscience spend beyond our means indefinitely and expect our grandchildren and their grandchildren to pick up the tab and bail out the economy. We have an obligation to reduce deficit spending now.

This is where changing our policy toward China can make a huge difference. 

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