News and Opinion for Democrats Against Bush -- Part II
America's Huge International Debt Is a Risky Affair
BUSH and the MEDIA
-- Gay Rights
-- The Real Deficit
---- Deficit Lies
-- International Debt
---- Children Will Pay
-- Tax Cut Con Game
---- Tax-Cut Lies
------ to Small Business
---- Phony Benefits
---- Hurting States
---- Why Accepted?
---- Cuts Will Backfire
-- Low-Tax Mania
-- Move toward Flat Tax
-- Corp. Tax Dodgers
-- Corporate Welfare
---- Halliburton
-- The SUV Boondoggle
-- Unemploym't Worse
------ Comp. Denied
---- Jobs Not Created
-- Widespread Poverty
-- False Recovery
-- Stock Market
-- Texas Sch. Scandals
-- Broken Promises
-- Abandoned Youth
-- College Aid Cut
-- Aid to Rich Colleges
-- Textbooks Censored
-- Acad. Freedom Denied
ELECTRONIC VOTING -- --- A Crucial Issue
-- Monstrous Bill
---- Allows Blackouts
---- Bi-Part. Oppos'n
-- New Energy Bill
-- Bush's "Eco-Speak"
---- How to Tell Lies
-- Crimes v. Nature
---- Air Pollution
---- Global Warming
---- Ozone Depletion
---- Chemical Hazards
---- Loss of Wildlife
-- States Combat Bush
---- Power Plant Suits
-- Pension Funds, Too
-- Worker Safety
-- Real Jobless Stats
-- Overtime in Danger
-- Poor Ranking
-- Privatized Socialism
-- Health Insurance
---- The Uninsured
------ Middle Class
-- Cost of Drugs
-- Medicare
---- A Cynical Bill
---- Favoring HMOs
---- $$ to Drug Co.s
---- Bait and Switch
---- AARP Sells Out
---- Bullying to Win
---- Australian Critique
---- Some Good News
-- Chill on Research
-- Amtrak
-- Mars vs. Amtrak
-- Use of Language
--'Enemy Combatants'
-- Ultra-Secret Trials
-- Homeland Insecurity
---- Funds Miss Needs
-- FBI Prying Grows
---- Targeting Protests
------ & Anti-Bush Talk
-- Computer Privacy
-- Patriot Act
---- Excesses
------ Cure - SAFE Act
---- Dangers
---- Author's Fear
---- Librarians' Warning
--"Patriot Act II"
---- Death for Protest?
---- Sneak Enactments
---- GAO Criticisms
---- EFF Concerns
-- Guantanamo
---- Conditions
---- Legal Status
---- UK Judge's Blast
-- Torture Condoned
---- Canadian's Ordeal
-- Yousef Yee
-- Scientists Accuse
---- Admin. Can't Deny
-- Abortion Truths
-- Notorious Photo

"Talk to American officials about it and they'll say not to worry, this country can always handle a little more international debt. Sure, the same way an alcoholic can always handle another drink."       -- Kenneth Rogoff, Washington Post
"The US is shipping a rising portion of interest payments on that debt abroad. That means less of that money stays at home to be spent or invested. And it also can weaken confidence in the dollar. ...  Already, foreigners receive more than a third of the interest paid on the $4 trillion in federal debt now held by the public."
               --David R. Francis, Christian Science Monitor

Washington Post

The Debtor's Empire

By Kenneth Rogoff

Monday, October 20, 2003; Page A23

The complete article may be purchased from the Washington Post archives at--


Isn't it just a little twisted that the United States, the world's richest country, is on track to borrow more than $500 billion from abroad this year? Isn't it even stranger that this borrowing includes sizable chunks from countries such as India and China, many of whose 2.3 billion people live on less than a dollar or two a day? ...

Even with the morality of it all set aside, pure self-interest ought to dictate that the United States be a net lender to the rest of the world rather than a borrower. We are an aging population that ought to be saving for retirement in real assets abroad. ...

The writer is an economics professor at Harvard and former chief economist at the International Monetary Fund.

2003 The Washington Post Company

Christian Science Monitor
from the December 01, 2003 edition
Why America's debt is a risky foreign affair
The complete article is currently (3/27/04) available on the Christian Science Monitor website at--

In the throes of the Great Depression, Franklin Roosevelt tried to pump up the economy with deficit spending. He also used a memorable phrase to sell the idea to a wary nation: "After all, we owe it to ourselves."

It was a clever summation of why federal deficits aren't always bad. When the government goes into debt, the interest it pays on that debt used to flow back to the nation's own banks and individuals.

That's not nearly so true today in the United States, and it's troubling. Left unchecked, mounting deficits are never good news. Making it worse, the US is shipping a rising portion of interest payments on that debt abroad.

The problem isn't foreigners. By lending their money to Uncle Sam, they've kept interest rates low and indirectly helped finance US economic growth. The real culprit is America's mounting debt. And with Washington on a pre-election spending binge, the debt outlook is bleak. ...

Since 2001 and the start of the Bush administration, total federal expenditures have grown 16 percent. In fiscal 2003, federal spending topped $20,000 per household for the first time since World War II. That sum is adjusted for inflation.... | Copyright 2003

Enter supporting content here

  This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.