Nick Smith said "It is a whole different 1-hour debate and discussion; but just, for example, one country, we have $100 billion deficit trade with China, and what does China do with that extra $100 billion? They probably invest it in our companies, or buy some of the property in the United States. So it makes this country more vulnerable. But in terms of the total debt, both our Treasury bills, the debt of companies, we are becoming more and more dependent on other countries. It is time we took ahold of ourselves, pulled ourselves up from our bootstraps, and started to be responsible, and not leave the kind of debts and responsibility to our kids and our grandkids simply because we think our problems today are great." @ PoliticalQuotes.com

On the recordApril 21, 2004

It is a whole different 1-hour debate and discussion; but just, for example, one country, we have $100 billion deficit trade with China, and what does China do with that extra $100 billion? They probably invest it in our companies, or buy some of the property in the United States. So it makes this country more vulnerable. But in terms of the total debt, both our Treasury bills, the debt of companies, we are becoming more and more dependent on other countries. It is time we took ahold of ourselves, pulled ourselves up from our bootstraps, and started to be responsible, and not leave the kind of debts and responsibility to our kids and our grandkids simply because we think our problems today are great.

Said by

Nick Smith

Republican · Michigan

Source

govinfo.gov

Editor's note · Context

Discussing the impact of trade deficits and national debt on future generations.

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