[Congressional Record Volume 168, Number 8 (Wednesday, January 12, 2022)]
[Extensions of Remarks]
[Page E30]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    THE U.S. ECONOMY REMAINS #1 IN 2021, BUT WHAT ABOUT OUR FUTURE?

                                 ______
                                 

                          HON. LISA C. McCLAIN

                              of michigan

                    in the house of representatives

                      Wednesday, January 12, 2022

  Mrs. McCLAIN. Madam Speaker, I include in the Record the following 
op-ed.

                      Many Public Policy Concerns

       While many public policy issues are greatly concerning--
     from COVID-19 to the crisis at our southern border to 
     education gaps relative to our ability to compete 
     economically--in our opinion, the following three are 
     paramount for the U.S. Congress and Biden Administration.


     The shrinking influence of the United States and North America

       In 1960, North American total global GDP was $597.42 
     billion or 43.7%, with the U.S. contributing $543 billion or 
     just under 40 percent of the total global GDP of $l.367 
     trillion (China's 1960 global GDP by comparison was $59.72 
     billion or $4.39%).
       China's 2021 global GDP grew to about $16.86 trillion or 
     17.86% of total global GDP. Comparatively, 2021 North 
     American GDP declined to 27.9% of total global GDP, while 
     Asia--led by China, Japan, lndia, and South Korea--produced 
     33.7% of global GDP and extended its faster growth pace lead 
     to more than two decades.


 An objective and realistic view of China is needed more than ever in 
                            Washington D.C.

       On December 29, 2021 the Chinese Communist Party ordered 
     Hong Kong police to raid the headquarters of Stand News, a 
     pro-democracy Hong Kong-based news service critical of 
     government policy coming out of Beijing. Seven Stand 
     employees were arrested, and all remaining employees were 
     dismissed. China's action is another violation of the Sino-
     British agreement signed in 1997 giving Hong Kong economic 
     and political freedom until 2047. The West, and especially 
     the United States, must not continue to turn a blind eye 
     toward China's treatment of Hong Kong.
       We also must reverse the current trend which has allowed 
     China to gain superior numbers of military assets to ours in 
     the South China Sea and off the coasts of our numerous Asian 
     allies. As tensions grow with China over Taiwan, we must 
     acknowledge Chinese Foreign Minister Wang Yi's comment: ``the 
     U.S. will pay an unbearable price'' if we continue to support 
     Taiwan. Our response must speak with conviction and 
     specificity of the consequences China will suffer 
     economically and potentially militarily if it moves against 
     Taiwan, an important U.S. economic partner and champion of 
     freedom and free enterprise.
       With shortages of face masks to battle COVID-19 and 
     computer chip delays that have challenged American automobile 
     manufacturers, it should be apparent to both U.S. producers 
     and consumers that U.S. businesses must rethink their 
     previous supply chain strategy and be encouraged to produce 
     more necessities at home.
       Further, we must rally the world and hold China responsible 
     for the COVID-19 outbreak and its consequences. It's the 
     right thing to do and the only way to prevent a future 
     outbreak.
       We applaud Congress for passing a bill targeting China over 
     Uyghur-forced labor practices. The measure prohibits imports 
     from the Xinjiang region of China unless companies can prove 
     the products were made without forced labor. We hope 
     President Biden signs it immediately and more is done by the 
     U.S. government and U.S. corporations to protect the rights 
     and freedoms of Muslim Uyghurs living in China.
       Broadening our view of China further, The Hill recently 
     posited: Should a weakening and unstable Chinese economic 
     model be as great a concern as a rising China? The answer is 
     yes. China's concern over energy shortages, slowing economic 
     growth and productivity, and debt now at 290% of GDP, 
     demonstrates that confidence in the Chinese economic and 
     political structure is teetering from within. In addition, 
     recent crackdowns on the property and technology sectors will 
     result in less flexibility and greater economic 
     authoritarianism control over two sectors that account for 29 
     percent of Chinese GDP.
       Our concerns regarding Chinese economic stability and their 
     ability to execute their 5-year planning model hopefully will 
     be a cause for concern within the greater Communist Party of 
     China. Exposing the growing fragility and incompetence of the 
     Chinese economic model could provide a boost for pro-market 
     reform party members as they vote at the 2022 Communist Party 
     Congress this fall. Open, honest and regular communication of 
     China's current economic structural weaknesses could help 
     market-friendly party members use data to thwart Xi Jinping's 
     ambition to be only the third leader in the party's 100-year 
     history elected to a third term. Perhaps a modern Chinese 
     version of 'Radio-free Europe' would be useful in the months 
     ahead?


          U.S. energy policy continues to make no sense to us

       Oil prices continue to fluctuate, declining to the mid-
     $60's range weeks ago only to rebound to more than $77 a 
     barrel currently. Many energy experts believe oil could trade 
     at more than $100 a barrel in 2022 if the Biden 
     Administration continues its illogical energy policy. 
     Remember that U.S. oil and natural gas are among the cleanest 
     carbon-based fuels by category available in the world today. 
     In fact, U.S. production of clean fossil fuels has 
     dramatically reduced the U.S. carbon footprint, making it the 
     global leader in carbon reduction in the industrialized world 
     over the last 30 years. However, if cleaner U.S. oil and 
     natural gas continue to be removed from the U.S. and world 
     markets due to the Biden Administration's policies, five 
     nonsensical results will occur: 1) The policy will enhance 
     the political and public policy initiatives of countries 
     unfriendly to democracy like Russia and Iran; 2) European 
     allies will become more dependent on unfriendly nations for 
     their oil and natural gas needs, thereby weakening the 
     security and economic prowess of Europe and the United 
     States; 3) More ``dirtier'' Russian and Iranian oil and 
     natural gas on global markets coupled with less from the U.S. 
     means a sustained increase of lower quality and higher 
     polluting fossil fuel products on global energy markets (in 
     effect, the Biden Administration's policy will increase the 
     global carbon footprint rather than reduce it, making the 
     policy anti-green rather than the pro-green policy it's 
     currently being promoted to represent); 4) The policy will 
     employ thousands of Russians and Iranians in high-paying oil 
     industry-related jobs when those good jobs could be here in 
     the United States with workers paying taxes to the United 
     States; and, 5) Billions of dollars of local, state and 
     federal tax revenue from U.S. oil companies will be lost to 
     the U.S. government at all levels in the months and years 
     ahead.


                               Conclusion

       The U.S. National Debt currently stands at $29.62 trillion 
     (over $89,000 per U.S. man, woman, and child and just under 
     $237,000 per U.S. taxpayer). Much of the current state of our 
     national debt is due to excessive government spending on 
     programs that are not needed while taking capital from 
     private sector investments and U.S. national defense. It is 
     crucial that U.S. fiscal, monetary and foreign policy focus 
     on strategies that will grow U.S. capital investment, private 
     sector job and economic growth, while defending the United 
     States and our key allies. This is the only way to ensure 
     that the United States will remain the world's only economic 
     and military superpower.

                          ____________________