Tags: Economic- Crisis | Obama Budget | Hensarling | red menace | debt | China | trillions

Hensarling: Govt Debt Is ‘Red Menace’ Supporting China

By Dan Weil   |   Thursday, 24 Mar 2011 04:17 PM

House Republican Conference Chairman Jeb Hensarling of Texas offered colorful criticism of the government’s $14 trillion debt burden Wednesday, calling it a “red menace” that helps to fuel China’s economy, the Jacksonville (Texas) Daily Progress reports.

Hensarling, red menace, debt,
Rep. Jeb Hensarling, R-Texas
“In the 20th century, the red menace was communism. The red menace for the 21st century is our public debt,” Hensarling said in a speech.

China is the biggest foreign holder of our debt with 29.2 percent. “The interest we pay to China on our debt, they can essentially afford to buy a (Joint) Strike Fighter every other day,” Hensarling said. “Our greatest competitor in the world — we are building their armed forces with the interest we pay them on the national debt.”

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