We do not need our biggest debt holder to be a communist country that tries to hack into our government networks every day. It is time we brought jobs back into our country. Right now we are not on best terms with China, as they keep hacking us. It is time Obama lives up to what he promised in the second debate, end business with China.
Certainly it sounds bad that a Communist country is buying up our debt, 1.32 Trillion dollars as of 2013 (8% of total, 23.2% of total overseas investing total) but this issue has been turned into a complete overblown hot button issue that actually, isn't an issue. First line to be wary of is implying that the president has the power to stop bond buying options within the treasury. He surely can influence policy on these matter within the Fed but not without extreme consequences, for us here at home and our allies abroad. One of the reasons that china bought so many of our treasury bonds was to keep its own currency artificially low (which is another issue altogether). If we were to limit China's bond buying (which are profits and revenues from trade surplus with the United States) they would be forced to buy secured bonds with another country, which they have done in the past. Before us they purchased Australian bonds to secure their investment against inflation. Our debt would be there one way or the other, disallowing our largest trading partner to buy in because they are of a different government type is petty, and saying we "owe" them money is not understanding how the economics of the issue works. It makes great political headlines for making the current Administration look bad (even though China is currently decreasing bond buying from $1,270 billion dollars to $1,155 billion just in 2012 alone). China had bought bonds under Bush and before, and they probably will after Obama, and it'll be ok.