The arguments about them holding so much our debt is bogus. Last figure I saw it was at $487 Billion. Don't increase federal spending for two years and you can pay that off, in full. It's not that much.
I'm far more worried about 15-20% budget growth you see in Defense & Welfare (Social Security, Medicare, Unemployment, General Welfare) spending. None of those items has a dramatic, long term impact on our national economic output. A strong economy can afford to spend well on defense and social programs...but you don't build a strong economy doing so.
China is not a military threat within the next 20 to 30 years, minimum. Even then we would have years to see a build up of blue water naval capabilities. They're currently building a Navy that can defend their territorial waters, can saber rattle well with Taiwan, and can defend their oil shipping lanes from the Middle east and Africa -- especially from Indian harrasment (and an Sino-Indian war is a hundred times more likely then a Sino-American war). If any country was unwilling or unable to take such basic steps to defend itself, we'd call them French.
Seriously, what do people think China is going to do? Blockade their own ports so they can't sell stuff to the U.S.?
Is it time to engage in a love fest with 'em? Hell no. I prefer stronger trade agreements with other countries in the Americas then across oceans (take care of your neighbors first policy). They are on the road, long term, to the Communists losing their grip. The free market will make that happen -- 30, 40, 50 years down the road.
That said, they are not a nation to get your panties in a knot being afraid of. They don't even rank high on my list anymore of nations to be concerned about -- Russia is the sleeping bear that is the #1 threat in the world. I used to buy the nonsense of the rising threat from China, but it's just not there folks. It's just not there.
They are simply a rising economic power, and rising living standards and embracing free markets is a very good thing.
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Today's Featured Article - 12-Volt Conversions for 4-Cylinder Ford 2000 & 4000 Tractors - by Tommy Duvall. After two summers of having to park my old 1964 model 4000 gas 4 cyl. on a hill just in case the 6 volt system, for whatever reason, would not crank her, I decided to try the 12 volt conversion. After some research of convert or not, I decided to go ahead, the main reason being that this tractor was a working tractor, not a show tractor (yet). I did keep everything I replaced for the day I do want to restore her to showroom condition.
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