The problem with attacking fallacies is you run the risk of creating new ones in their place. That's exactly what this article does. I'll address each of his points...<p>China Doesn't Own Us: He rightly points out that China only owns about 10% of the nation's total debt (some say it's closer to 12% but same difference). The problem is most of that came in the last 5 years or so (China only became the largest US debtor in 2008). So while China doesn't "own us" their increasing amount of US debt on a yearly basis makes us beholden to them because the economic crisis caused most of the other sources of money to dry up. So if we can't stop ourselves from spending more than we take in we'll have to start dancing to China's tune.<p>(Something to note about the above point is China owns a lot more than is immediately clear. So, for example, Japan owns almost as much US debt as China but China has been buying Japanese debt at a record pace)<p>The deficit will shrink dramatically: People who quote OMB numbers are being dishonest because those numbers are almost always wrong. The OMB (like the Congressional Budget Office) answers to politicians and they make their assumptions based on the figures given to them by politicians. If the politicians say this budget will cause unemployment to drop to 4% than the OMB makes its calculations based on that assumption. But politicians always want to paint a rosy picture which is why the numbers that come out of the OMB and CBO are always too optimistic<p>The US has the highest corporate tax rate: He doesn't dispute that but his point is "it's been higher in the past". That's true but not really relevant. In terms of corporations we compete with other nations. Where a large corporation chooses to put its HQ is largely based on the corporate tax rate since that same corporation can have satellite offices in other countries. So it really is an issue that our corporate tax rate is so high (though not that big an issue since, as the author points out, most corporations cheat the system and pay virtually no taxes which is a problem)<p>I actually don't disagree with the author on a lot of his conclusions (I believe the Bush tax cuts need to go, that we need tax reform, and so on). But he's painting inaccurate pictures here and that bugs me.