COMMON MISCONCEPTIONS

[Duchess]

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.

Misconception No. 2: We owe most of our debt to China.

Fact: China owns 7.6% of U.S. government debt outstanding.

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

Story

[pyropappy]

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.

Misconception No. 2: We owe most of our debt to China.

Fact: China owns 7.6% of U.S. government debt outstanding.

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

Story

If 88.5% of U.S. consumer spending is on American-made goods why is there a trade deficit every year?

The Fed owns most of our debt. Do you know who they are? Why do they print our currency?

Actually 18.2% comes from the Midle East.

[Cracker]

That story is misleading because we spend a large chunk of our money on housing, insurances, utilities, and food. If you are only counting goods we buy, China would have a much larger chunk.

Also, they only included China in our debt, not other investors from other countries. If they used the term "foreign" instead of "China", they couldn't make that claim.

The oil numbers will change since Obama just pissed Canada tf off. If we don't let them run their pipeline through our country, they won't sell us their oil.

That story was a misconception.