Tuesday, August 14, 2007

2 Recalled Toys Per 5 Kids

Forbes put up a rundown of bad Chinese toys over the last few years, just for lead paint and small magnet recalls. The whopping total of over 16 million toys works out to roughly 2 bad toys for every 5 children under the age of 10.

Put another way, 40% of kids under 10 could have a toy that could cause them harm, all were manufactured in China. Even though China has guaranteed the quality of their products, and mounting evidence to the contrary, our government hasn't done much.

Part of the silence has to be due to the fact China has already loudly been talking about using the $900 billion in treasury bonds they hold as leverage in trade talks. Their holding is roughly 10% of our total national debt ($8.9 trillion), and if we should come down too hard on them their liquidation of our bonds would lead to a crash in the dollar. Our inability to force China to stop sending us tainted goods points to the fact that our creditor dependency, like our foreign oil dependency, is a national security issue.

It's also important to note that when the National Debt Clock turned off in 2000, it read $5,676,989,904,887. That works out to roughly $25.3 billion of debt per year of our nation's 224 years of existence to that point. From that point to today, the debt has risen more than $3.2 trillion, or more than $470 billion a year.

Granted, the $25.3 figure is not adjusted for inflation. However, when you consider our government went from repaying over $100 billion of debt in 2000, to adding over $470 billion a year over the last seven years, it is damning testimony of the fiscal mismanagement our nation has endured.

No comments: