As we remember 9/11, we are reminded by our political leaders that our nation has become stronger and more secure. We are constantly reminded that there has been no major terrorist attack on American soil since 9/11/2001.
Meanwhile, surveys after surveys show that Americans believe their country is headed in the wrong direction. After a decade of "war against terror", we are trillions in debt and tens of millions without jobs. People are scared; they are afraid of losing their homes and jobs; they are concerned about their children's future.
Is America really safer and stronger? How did America do during the last decade in comparison with China?
Minxin Pei, a professor of government at Claremont McKenna College, wrote for Indian Express:
In 2001, the Chinese GDP was $1.16 trillion based on the exchange rate at that time; by 2010, it had expanded four times to $6.04 trillion (using current exchange rate). In the same decade, Chinese foreign trade grew six times, from $500 billion to $3 trillion. Its foreign exchange reserves rose from $212 billion in 2001 to $3.2 trillion in July 2011. Rising wealth enabled China to boost its military spending four-fold. The official defence budget increased from $17 billion in 2001 to $78 billion in 2010. (Real military expenditures are much higher.)
Needless to say, such rapid economic advance has dramatically closed the gap between China and the United States. In 2001, the size of the Chinese GDP was roughly one-tenth of the American GDP. In 2010, it was about 45 per cent (based on exchange rate). In 2001, Washington’s coffers were bulging with budgetary surpluses. By 2010, the United States was running deficits equal to 10 per cent of GDP. Not coincidentally, the past decade saw China becoming America’s largest creditor. In 2001, Beijing held about $160 billion in US Treasury bonds and mortgage-backed securities. By the end of 2010, Chinese holdings ballooned to close to $2 trillion.
(The exchange rate was US $1=8.28 Chinese Yuan in 2001, $1=6.66 in 2010, $1=6.39 currently.)
What went wrong? The damage inflicted on America by Bin Laden and Al Qaeda on 9/11/2001 is enormous. However, it is the self-inflicted wound that gets us where we are. While we were preoccupied with fighting "the war on terror" in Muslim countries with borrowed money, the world has gone by.
It is about time to stop these senseless wars, stop meddling with other people's business and mind our own.