IT’s not just what we all say about ‘caring’, Congress CAUSES joblessness on purpose and perhaps by accident too. Balanced budget is the recipe for recession and mass unemployment, except during a boom or bubble of growing credit and/or growth in exports. Net Growth in exports is impossible, that’s the POINT of globalization: cheap imports, higher profits, cheap labor. Which is OK if we had enough fiscal spending to create domestic-use jobs, which we need. We don’t necessarily need jobs in mfg-for-export. Corps like to buy cheap stuff abroad. Some is excellent: Androids and Ipods, tires, etc. Growth in household and business credit is impossible NOW. Now is still the collapse phase after the bank-run Bubble in housing and mortgage securities. Now homes are underwater, and so are home owners. Eventually house prices may rise and bank credit may flow again. So credit shrank post 2007, and is not expanding, or very little. The only other source of real domestic money (US-denominated financial assets) is Uncle Sam. China does not create a single US Dollar, nor does it “lend” dollars to the U.S.A. China parks it’s surplus dollar account credits here, which is NORMAL. What else would they do with surplus dollars except buy T-Bonds and T-Bills? Trade for foreign currency? Then foreigners would hold T-Bonds and T-Bills. China already bought up the global supply of copper, and they spent enough dollars to buy the energy they want. The “national debt” is the RESULT of wealthy people and foreign investors SAVINGS. The “national debt” is a bunch of bank deposit accounts —- Treasury Securities accounts —- held by Uncle Sam as spreadsheet entries on international financial computers, and guaranteed by Uncle Sam. We will not steal the savings of depositors: ergo, that’s the national “debt”, a promise to pay. That’s a benefit (to the rich, mostly) not a curse.