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Why is Everbody Laughing at the US?

I guess it’s a sign of the times when the comedy show, Saturday Night Live, pokes fun at America’s trade deficit with China. In an imaginary press conference, President Hu Jintao told Obama he was not allowed to pay off the US debt to the Middle Kingdom by giving them the 750,000 clunkers he bought with last summer’s stimulus program. He then asked how many jobs his program has actually created, and Obama had to give the sorry answer that it was none. China’s president then asked how the $1 trillion health care plan for 31 million uninsured Americans was going to cut the deficit, while China’s 1.3 billion went without coverage. I won’t tell you what happened next, except that China’s president complained he wasn’t being taken out to dinner and a movie first. Where is the Federal Communications Commission when you need them? Have America’s economic policies become the laughing stock of the world? I never thought I’d see the day when out budget and current account deficits became a target for popular culture, but here we are. Better take another look at the TBT.