China’s new bailout package has been set up to make the US government look cheap. At $586 billion its ratio to GDP is impressive. The CIA Factbook puts the GDP on the mainland at between $3 trillion and $4 trillion, about a quarter of the number for the US.
China’s program is meant to drive consumer spending as a way to offset a sharp drop in exports which is likely to worsen as the world outside the world’s most populated country cannot support demand for its relatively inexpensive goods.
One of the ways that large American corporations "make" money is to put capital in tax havens outside the US. It costs the Treasury tens of billions of dollars, but it is completely legal and helps companies and their shareholders by improving earnings.
Mr. Obama and some of his friends in Congress take a dim view of the practice, and getting it reversed should be worth as much as $50 billion a year in new tax federal tax revenue.
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