The US doesn't have a plan for economic policy. It's fine to import foreign goods and services. But the US needs to export in order to pay for it.
Remittances are also another drain on the US current account deficit. It just doesn't make sense for the US to pay $155 billion in extended unemployment benefits when at the same time there are 20 million illegal aliens working in the US. At the same time the unemployment rate is 9.2%, 500,000 illegal aliens are arriving each year.
Unless there are serious changes in Washington, the business climate is going to get worse.
But even the illegals stop working as hard when the get legal status.
Unemployed workers can collect as much as $500 a week and qualify for $400 a month in food stamps to buy food. So, there's no incentive to take a job.
The situation has gotten so bad that many companies don't want to hire the long term unemployed and some US states are looking at creating discrimination laws. There's people that haven't had a job since the recession started in 2007.
The Democrat-controlled California state Senate passed its version of the Dream Act – a bill that would allow illegal immigrants who attended state high schools for three or more years to receive free college education.
"The problem with socialism is that you eventually run out of other people's money. "
— Margaret Thatcher
DomainMagnate (3 September, 2011)
China has not loaned the USA trillions of dollars.
Come one, use realistic figures.