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Saturday, August 6, 2011

U.S. ECONOMY: U.S. Should 'Live Within Its Means' - China!

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August 6, 2011 7:45 AM /

China: U.S. Should 'Live Within Its Means'

China, the largest foreign holder of U.S. federal debt, took to its official news outlet to criticize the United State's financial management following the S&P downgrade.

The U.S. needs to “cure its addiction to debts,” said a commentary in the New China News Agency. 

It also called for “substantial” cuts to the “gigantic military expenditure and bloated social welfare costs” in order to prevent future downgrade.

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