i have to write a 700 word essay on what will it mean to america if the economy declines in coming decades? What will happen if our debt is controlled by china? should we worry? I need help understanding what would happen if china held our debt

Question

i have to write a 700 word essay on what will it mean to america if the economy declines in coming decades? What will happen if our debt is controlled by china? should we worry? I need help understanding what would happen if china held our debt

Answer 1

China holds a large part of our debt now.

http://en.wikipedia.org/wiki/United_States_public_debt

Recently I read that the 20th century was the age of U.S. dominance. This writer than speculated that the 21st century will be the age of Chinese and Indian dominance.

I agree with that assessment. No matter who holds our debts, it's our responsibility to pay off as much as possible.

I also believe that our economy will decline to some extent. I doubt if it will drastically affect the middle class, but may curtail huge company profits, obscene CEO salaries, and the proliferation of so many McMansions.