Madam Speaker, I include in the Record the following op-ed. Many Public Policy Concerns While many public policy issues are greatly concerning-- from COVID-19 to the crisis at our southern border to education gaps relative to our ability…
Madam Speaker, I include in the Record the following op-ed.
Many Public Policy Concerns
While many public policy issues are greatly concerning--
from COVID-19 to the crisis at our southern border to
education gaps relative to our ability to compete
economically--in our opinion, the following three are
paramount for the U.S. Congress and Biden Administration.
The shrinking influence of the United States and North America
In 1960, North American total global GDP was $597.42
billion or 43.7%, with the U.S. contributing $543 billion or
just under 40 percent of the total global GDP of $l.367
trillion (China's 1960 global GDP by comparison was $59.72
billion or $4.39%).
China's 2021 global GDP grew to about $16.86 trillion or
17.86% of total global GDP. Comparatively, 2021 North
American GDP declined to 27.9% of total global GDP, while
Asia--led by China, Japan, lndia, and South Korea--produced
33.7% of global GDP and extended its faster growth pace lead
to more than two decades.
An objective and realistic view of China is needed more than ever in
Washington D.C.
On December 29, 2021 the Chinese Communist Party ordered
Hong Kong police to raid the headquarters of Stand News, a
pro-democracy Hong Kong-based news service critical of
government policy coming out of Beijing. Seven Stand
employees were arrested, and all remaining employees were
dismissed. China's action is another violation of the Sino-
British agreement signed in 1997 giving Hong Kong economic
and political freedom until 2047. The West, and especially
the United States, must not continue to turn a blind eye
toward China's treatment of Hong Kong.
We also must reverse the current trend which has allowed
China to gain superior numbers of military assets to ours in
the South China Sea and off the coasts of our numerous Asian
allies. As tensions grow with China over Taiwan, we must
acknowledge Chinese Foreign Minister Wang Yi's comment: ``the
U.S. will pay an unbearable price'' if we continue to support
Taiwan. Our response must speak with conviction and
specificity of the consequences China will suffer
economically and potentially militarily if it moves against
Taiwan, an important U.S. economic partner and champion of
freedom and free enterprise.
With shortages of face masks to battle COVID-19 and
computer chip delays that have challenged American automobile
manufacturers, it should be apparent to both U.S. producers
and consumers that U.S. businesses must rethink their
previous supply chain strategy and be encouraged to produce
more necessities at home.
Further, we must rally the world and hold China responsible
for the COVID-19 outbreak and its consequences. It's the
right thing to do and the only way to prevent a future
outbreak.
We applaud Congress for passing a bill targeting China over
Uyghur-forced labor practices. The measure prohibits imports
from the Xinjiang region of China unless companies can prove
the products were made without forced labor. We hope
President Biden signs it immediately and more is done by the
U.S. government and U.S. corporations to protect the rights
and freedoms of Muslim Uyghurs living in China.
Broadening our view of China further, The Hill recently
posited: Should a weakening and unstable Chinese economic
model be as great a concern as a rising China? The answer is
yes. China's concern over energy shortages, slowing economic
growth and productivity, and debt now at 290% of GDP,
demonstrates that confidence in the Chinese economic and
political structure is teetering from within. In addition,
recent crackdowns on the property and technology sectors will
result in less flexibility and greater economic
authoritarianism control over two sectors that account for 29
percent of Chinese GDP.
Our concerns regarding Chinese economic stability and their
ability to execute their 5-year planning model hopefully will
be a cause for concern within the greater Communist Party of
China. Exposing the growing fragility and incompetence of the
Chinese economic model could provide a boost for pro-market
reform party members as they vote at the 2022 Communist Party
Congress this fall. Open, honest and regular communication of
China's current economic structural weaknesses could help
market-friendly party members use data to thwart Xi Jinping's
ambition to be only the third leader in the party's 100-year
history elected to a third term. Perhaps a modern Chinese
version of 'Radio-free Europe' would be useful in the months
ahead?
U.S. energy policy continues to make no sense to us
Oil prices continue to fluctuate, declining to the mid-
$60's range weeks ago only to rebound to more than $77 a
barrel currently. Many energy experts believe oil could trade
at more than $100 a barrel in 2022 if the Biden
Administration continues its illogical energy policy.
Remember that U.S. oil and natural gas are among the cleanest
carbon-based fuels by category available in the world today.
In fact, U.S. production of clean fossil fuels has
dramatically reduced the U.S. carbon footprint, making it the
global leader in carbon reduction in the industrialized world
over the last 30 years. However, if cleaner U.S. oil and
natural gas continue to be removed from the U.S. and world
markets due to the Biden Administration's policies, five
nonsensical results will occur: 1) The policy will enhance
the political and public policy initiatives of countries
unfriendly to democracy like Russia and Iran; 2) European
allies will become more dependent on unfriendly nations for
their oil and natural gas needs, thereby weakening the
security and economic prowess of Europe and the United
States; 3) More ``dirtier'' Russian and Iranian oil and
natural gas on global markets coupled with less from the U.S.
means a sustained increase of lower quality and higher
polluting fossil fuel products on global energy markets (in
effect, the Biden Administration's policy will increase the
global carbon footprint rather than reduce it, making the
policy anti-green rather than the pro-green policy it's
currently being promoted to represent); 4) The policy will
employ thousands of Russians and Iranians in high-paying oil
industry-related jobs when those good jobs could be here in
the United States with workers paying taxes to the United
States; and, 5) Billions of dollars of local, state and
federal tax revenue from U.S. oil companies will be lost to
the U.S. government at all levels in the months and years
ahead.
Conclusion
The U.S. National Debt currently stands at $29.62 trillion
(over $89,000 per U.S. man, woman, and child and just under
$237,000 per U.S. taxpayer). Much of the current state of our
national debt is due to excessive government spending on
programs that are not needed while taking capital from
private sector investments and U.S. national defense. It is
crucial that U.S. fiscal, monetary and foreign policy focus
on strategies that will grow U.S. capital investment, private
sector job and economic growth, while defending the United
States and our key allies. This is the only way to ensure
that the United States will remain the world's only economic
and military superpower.