Bryan-College Station Eagle
February 26, 2006
Editorial: Ports issue is one of many we face
Americans are rightly concerned about turning over control of six major U.S. ports to a company owned by the government of the United Arab Emirates. After all, two of the 19 terrorists who flew planes into the World Trade Center and the Pentagon 4 1/2 years ago lived and trained in the UAE. President Bush is kidding himself if he doesn't see any difference between letting a British company run the ports of New York, New Jersey, Philadelphia, Baltimore, Miami and New Orleans and having a company from the United Arab Emirates with close ties to the government - a government with alleged ties to Osama bin Laden, a government that was one of only three in the world that recognized the Taliban-run government of Afghanistan prior to its overthrow. The British haven't tried to destroy America since 1815...
< snip >
While the ports' issue is naturally a concern, other serious matters go unnoticed as we try to find our way in he new global economy. America's debt is now at $8.2 trillion and 45 percent of the government's outstanding Treasury bonds are owned by foreign individuals, companies and governments - primarily China and Japan. Thirteen percent of American stocks are owned by foreign individuals and businesses, as are 27 percent of America's corporate bonds. One-third of all the mortgages issued by Fannie Mae - the country's largest real estate lender - rely on foreign money.
We continue to rely on foreign oil to far too great an extent. More and more jobs are being sent overseas where workers will work for much less, with few or no benefits, including medical care. American workers keep pricing themselves out of a job, and medical benefit costs keep rising at several times the rate of inflation. Even Wal-Mart has dropped its "Made in the USA" campaign and is now the largest American importer of Chinese-made goods.
Even as American companies are outsourcing manufacturing to foreign shores so, too, are they turning more and more to India and other countries to run support services for those goods. As America seeks its way in the ever-developing world economy, Americans must ask ourselves how much we are willing to give up. How do we balance American needs with American security? The matter of who runs our ports is just one of the many issues we should be addressing.
http://www.theeagle.com/stories/022606/opinions_20060226025.php