Second, America is drowning in debt. While China is the world's largest creditor nation, America is the world's largest debtor nation. At $17 trillion, the national debt is now bigger than the annual gross domestic product-in other words, it is bigger than the total sum of goods and services that America produces in a year. Nearly half of this debt has been accumulated during the Obama years, at the average rate of a trillion dollars a year. At this pace, Obama will more than double the deficit in two terms. Since a substantial portion of America's debt is owed to foreign countries, such as China and the Arab nations, debt produces a transfer of wealth away from America and toward the rest of the world. Today, instead of America owning the world, the world increasingly owns America.
( Dinesh D'Souza )
[ America: Imagine a World ]
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