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Warning from China; Washington must act to restore confidence in the U.S. economy

Let's say you are mortgaged to the hilt for your new home. And the loan officer calls you and asks you to come in.

He tells you that in doing a routine audit, the bank has become concerned about whether you will be able to repay the loan. He says they have been observing how you have been spending money way beyond your income, and they are worried that you really don't have the commitment to properly handle the large sum of money the bank has loaned you.

Now transfer that scenario to the global arena: The bank is China and you are the United States. With that, reality sets in.

China actually said: "What is especially important is to let the world see that the U.S. government and relevant departments have the determination, ability and political aspiration to take actions to resolve these complicated issues."

The official Xinhua News Agency, during Vice President Joe Biden's recent visit to China, said that China would be looking for actions, rather than words, from the U.S. government to restore confidence in the American economy by gradually reducing the deficit, cutting debt and promoting economic growth.

China holds $1.2 trillion in U.S. debt -- about one-quarter of all the foreigned-owned U.S. debt -- through Treasury bills, notes and bonds it has purchased.

Most Americans want the same economic future that China does. But Congress much prefers to spend money without any limitations. And the president fits the same mold, with his interest in protecting or even increasing entitlement programs. What is most worrisome is that these entitlement programs, which don't yet include the expense of Obama's health care program, are becoming so costly that they will swamp our ability to sustain them. Adding in the expense of health care and it may become America's economic tsunami.

Most Americans, even in these difficult times, have adjusted their standard of living to reflect reduced income. They are rightfully outraged that the people they sent to Washington to represent them are unable to do the same.

Somehow Congress and the president have to get past the politics that is paralyzing government and get to work on restoring our tattered economy. If they fail to act over the next 14 months, voters will have to toss them out in favor of men and women dedicated to serving the public.

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