Democrats in Congress want to raise the debt limit, again, this time by nearly $2 trillion.
Meanwhile they are giving lip service to "pay as you go" and Obama has come out against deficit spending. The fact is they plan massive amounts of debt spending over the next year or two, and this is going to hurt the economy further.
China spent nearly $600 billion to build a whole new city near the Mongolian border, new Ordos. Now new Ordos is 30km from old Ordos, the government wants to move the old city to the new city. The problem is the rows and rows of houses are now owned by speculators and investors and nobody in old Ordos can afford to buy them.
Even if they could, there is no economy in new Ordos. The region is the home of a massive coal mine, they even refer to it as their Texas. Although, I don't think Texas produces much coal come to think of it.
Just because the government of China spent $600 billion to build a shiny new city and called it a "stimulus" doesn't mean its going to stimulate anything.
I have no idea what the Democrats plan to do with the higher debt limit, I just don't think its going to be very good for the economy.
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