Did I Forget To Mention We're Going The Wrong Way?

clipped from www.realclearpolitics.com But let's first look to the China story. We know that China is already our principal banker, to the tune of nearly $1 trillion. As President Obama's record spending and borrowing continues -- he'll be the greatest bond salesman in American history -- our financial reliance on China grows daily. But that's not all. Fortune magazine recently reported that the number of U.S. companies in the world's top 500 fell to the lowest level ever, while more Chinese firms than ever made the list. China also surpassed the United States as the world's biggest automaker in the first half of 2009, with June sales soaring 36.5 percent from a year earlier. And China has no capital-gains tax. It only has a 15 to 20 percent corporate tax. The United States, on the other hand, is raising its cap-gains tax rate to 20 percent. It's also increasing its top personal tax rates. We're going the wrong way. That's why stock markets are not voting for the United States any more.