Public derision in America of the Republicans' idea for a $100 gasoline rebate has focused on the desperate political pandering embodied in the proposal. But there's another view that makes it seem even worse. Consider the China angle.
With the United States already deeply in debt - and with Congress angling this week to cut taxes for affluent investors by more than $20 billion - lawmakers would need to borrow $10 billion to make the rebates happen. Since more than 80 percent of the immense borrowing of the Bush years has been from foreigners, it's safe to assume that most of the rebates would be courtesy of foreign lenders, of which China has been one of the most willing.
I bet they would not mind at all. This will make it just that much easier for them to further weaken the dollar and the U.S. as a nation. That was one of their primary rationales, for switching from an agrarian socialist economy to a free market. (They also have seen just how much success Japan was having at this, and no doubt were a bit envious.)
But let's not mince words here, the bulk of the responsibility lies with the politicos that are desperate to win re-election in this country, to include the GOP. You cannot blame China for being an opportunist, when the elected officials of this country are showing no real fiscal responsibility, whatsoever.
Besides the officials, you can also blame the bulk of the American electorate for not voting based on principle. They are the ones that keep electing/re-electing this bunch of hedonist spenders. They are the ones that can say enough is enough, yet they talk and gripe a good game, but always seem to re-elect those they complain loudest about.