US President Joe Biden described China as a “ticking time bomb” at a political fundraiser in Utah on Thursday. But is it China or the United States that is a “ticking time bomb” as far as the world economy is concerned?
It is inappropriate for Joe Biden, the president of the US, to talk about China in such a manner, not to say that he got the basic facts about China’s growth rate and the number of working age people and the number in retirement wrong.
It is even more outrageous for him to claim that because China has these spurious problems “it’s not good because when bad folks have problems, they do bad things”.
“Bad folks”. That is such an affront to the Chinese people. It is unbecoming for the leader of the US to talk about the Chinese people in such a disrespectful manner.
This is not the first time US politicians have suggested that the Chinese economy is about to collapse, only to have to eat their words. China-bashing has become an important ingredient for political campaigns before an election. So it becomes a competition to see who can talk the most nonsense about China just to attract public attention.
However, if the “ticking time bomb” is intended to be a meme for Biden’s reelection bid then he will only embarrass himself by showing how out of touch with reality he is.
All economies are facing challenges of different kinds to recover from the devastation of the COVID-19 pandemic. China is no exception. However, the Chinese economy has shown its resilience and is doing pretty well despite the fact that it has to overcome some difficulties including creating jobs for its young people and further expand domestic demand. That does not make it a “ticking time bomb”. The US on the other hand is.
When it comes to the US economy, Fitch Ratings downgraded its debt rating from the highest AAA to AA+, citing a “steady deterioration in standards of governance”. Fitch said that the decision wasn’t just prompted by the latest debt ceiling standoff but rather “a steady deterioration in standards of governance over the last 20 years” regarding “fiscal and debt matters”. So the US economy has a chronic problem, not just temporary difficulties.
In addition, it is the US that has advocated unilateralism and protectionism in its trade with the rest of the world, which has seriously disrupted the global industry and supply chains and done a disservice to the growth of the global economy.
It is the US’ geopolitical games that are the biggest drag and threat to the global economy.
So if Biden wants to talk about a “ticking time bomb”, it is his own country he should be speaking of.
