You think you know that China is eating our lunch because of debt and imports, but you don't know Jack!
The Motley Fool breaks it down in this excellent article.
Misconception No. 1: Most of what Americans spend their money on is made in China.
Fact: Just 2.7% of personal consumption expenditures go to Chinese-made goods and services. 88.5% of U.S. consumer spending is on American-made goods and services.
Seem impossible? Then you have been deceived. Makes you wonder why.
Misconception No. 2: We owe most of our debt to China.
Fact: China owns 7.6% of U.S. government debt outstanding.
Who owns the rest?
Misconception No. 3: We get most of our oil from the Middle East.Fact: Just 9.8% of oil consumed in the U.S. comes from the Middle East.
And it could be even less if we put in the Keystone XL pipeline!
