Mark Warner said it, then Hillary Clinton repeated it. It was either a lie or a demonstration of their ignorance of how the economy works. "We borrow money from China to buy oil from countries who don't like us (read: Arab countries)." No we don't. That's about as inaccurate a statement as you can make. A lie, if they know it's inaccurate (how can they not?) -- a demonstration of incredible ignorance if they don't. The government, to borrow money, sells bonds. The Chinese government has bought up many U.S. government bonds. Now. to the limited extent that some of that money is used to fuel government-owned vehicles, and those vehicles are run on petroleum-derived fuel bought from private companies who have bought their oil from Arab countries, then one could argue that they were partially right. But we all know that that's not what they meant. They meant to imply a direct transfer. The government doesn't buy oil from foreign countries, except to supply the strategic oil reserve, which is very little of the oil bought by anyone in this country; private companies buy the oil, and they do it with the money they make selling petroleum products like gasoline. In the end, their claim that we borrow money from China to buy oil from Arabs is an example of scare-mongering by the Democrats. And it was more than a little racist.
Another huge lie told by Clinton was that we are "giving" windfall profits to the oil companies, as though it were the government who was contributing money to make sure the oil companies are making huge profits. As I've already noted before, they don't actually make huge profits, as a percentage of sales -- they just sell so much volume that the dollar amount in profits is huge. But you get an insight into the Democrats' way of thinking here: if the government didn't take it away, then they gave it to you. That's pretty perverse. That would be like a murderer killing one of your children, then saying he rescued the other one he didn't murder. Typical Leftist doublespeak.
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