The new TV commercial by the Citizens Against Government Waste starts with a scene from the future. The year is 2030 and we are set in a university auditorium in Beijing, China. Called “Chinese Professor”, the ad shows a professor lecturing a class on world economic history. The premise is simple, great nations and empires all throughout history fell due to the same reason. They taxed and over-spent themselves into obscurity.

A U.S. $100 banknote is placed next to 100 yuan banknotes in this picture illustration taken in Beijing October 16, 2010. The United States fired the first shot in the currency war and the rest of the world must be on guard for its deliberate strategy to devalue the dollar, a Chinese economist said in an official newspaper on Thursday. REUTERS/Petar Kujundzic (CHINA - Tags: BUSINESS IMAGES OF THE DAY)

“Why do great nations fall?” the Chinese Professor asks. “The Ancient Greeks, the Roman Empire, the British Empire and the United States of America. They all make the same mistakes, turning their backs on the principles that made them great. America tried to spend and tax itself out of a great recession. Enormous so-called “stimulus” spending, massive changes to health care, government takeovers of private industries and crushing debt. Of course, we owned most of their debt (chuckle), so now they work for us!” This is followed by the whole class laughing.

Sound far-fetched? In less than two years, President Obama has spent our way an extra $3 Trillion dollars into deeper debt, with much more to come. It took George W. Bush 8 years to spend our way an extra $4.4 Trillion dollars. America’s debt is exploding as is the size of the government and the endless bailouts.

Today in the news, we have a call for another $363 Billion just to bailout Fannie Mae and Freddie Mac. I’m sure they’ll need even more since they are still sitting on over $1.5 Trillion in subprime home mortgages. China announced that they will beginning buying addition American debt, probably to forestall any pressure to revalue their Yuan which is killing our Dollar.

Overseas in Europe, the two big stories this week are the protests in France over increasing the retirement age from 60 to 62. Violence and nationwide strikes are crippling France. Across ‘The Channel’ in England, David Cameron’s government has announced it’s plans for austerity, laying off 500,000 government employees and shutting down some 140 ministries and other agencies.

Bill Clinton declared in 1997 that the “Era of Big Government was over.” Unfortunately, it wasn’t. The government continues to grow is size. Our policies, laws and public programs are so expensive that they are crippling our economy, possibly permanently. Our spending levels are unsustainable and our taxes are suppressing any new growth.

So kudos to Citizens of Government Waste for their new TV ad. While it may be shocking, there is really nothing about this ad that is outside the realm of possibilities. Frankly, I do not think it will take till 2030 for China to own America. I’d guess 2015, if they don’t own us now already!

A paramilitary policeman stands guard under the portrait of the former Chairman Mao Zedong on Tiananmen Square in Beijing October 15, 2010. A meeting of the ruling Communist Party's Central Committee involving some 370 central and provincial officials, cloistered in a heavily guarded hotel in west Beijing to settle key parts of the next five-year development plan that starts in 2011. President Hu Jintao said it would promote inclusive growth to improve the incomes and welfare of farmers and workers, and will preoccupy Chinese policy-makers for the next couple of years, reaching a crescendo in early 2013. REUTERS/David Gray  (CHINA - Tags: POLITICS CIVIL UNREST)A U.S. dollar note (bottom) is pictured alongside other currencies including (L-R) the Australian Dollar, Singapore Dollar, Korean Won and China's Yuan in this picture illustration taken in Washington, October 14, 2010. The U.S. dollar index hit the year's low and world stocks were modestly higher on Thursday after Singapore let its currency strengthen, spurring gains in most major currencies against the struggling greenback. The Australian dollar, which boasts the highest yield among major currencies, soared to a 28-year high at $0.9994, and poised to near parity.  REUTERS/Jason Reed  (UNITED STATES - Tags: BUSINESS)

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Citizens Against Government Waste