Much of the routine trade and investment between China and America is entirely appropriate and in America’s interest. But inserting the Chinese Communist Party into America’s pay-to-play system and its economic development strategy isn’t just crossing a line. It’s a leap into an abyss of stupidity.
Just read this article linked through another source. Great article, interesting points. My favorite quote is: “But what if it’s New Jersey, Illinois, New York City and Philadelphia defaulting in the next recession? These are all high-tax jurisdictions with declining middle-class services. When you toss in another reform since 2008, the restriction of federal income tax deduction for state and local taxes, it seems unlikely that taxpayers and citizens can kick in much to solve the problems; or that elected officials will ask them; or that they will stay put if asked. Their pension funds won’t run out of cash… Read more »