From last night’s Fox News All-Stars.

On the administration’s phony numbers for jobs saved by the stimulus:

The effect, ultimately — and the danger for any administration — is to be an object of ridicule.
Look, this whole discussion has had an Alice-in-Wonderland quality from the very beginning. You can’t measure saved jobs. Arguing over the precision or imprecision of the numbers, which are fictional at the beginning, is like arguing that there are twelve angels on the head of a pin and only ten …
And when you hear these reports, as we’re hearing now with the fictional congressional districts, the risk for the administration is that it becomes an object of ridicule. And once that happens, it’s hard to actually stop.
And the issue will become competence. There have been ideological objections against this administration — it’s left-wing, it’s radical, and all that. But now we’re starting a new kind of meme, that it is an administration that really can’t get things done.
And when you have the president announcing, as he did in his address to the Congress — Don’t worry about the tracking of the stimulus. It will be done by the vice president and nobody messes with Joe Biden …Well, it looks as if the folks in the 99th district of the Mariana Islands … are messing with Joe Biden.
Once the meme starts, it becomes the subject of late-night comedy. … When they speak seriously about this – 640,329 jobs saved, comical precision — and then it turns out a lot of these are fictional jobs in fictional districts, what happens is the administration, already satirized on “Saturday Night Live” as do-nothing, is now going to be seen as an administration that cannot even do nothing competently.

On China’s concern with the state of the U.S. economy:

Look, the reason you have this odd alliance between Republicans and Chinese on [cautioning against] health-care reform is that the Chinese hold all this debt. They know that eventually the United States will take care of it in one way. It’s not going to be default. We are not Argentina. It is not going to be a repudiation of debt the way that Cuba did. It is going to be in inflation. We will inflate our way out. …
Now, the existing amount of [Chinese-held] debt, over $1 trillion or so, is large, but it’s not out of control. It is about a tenth of our GNP. What the Chinese are worried about is that [with its] ambitious social agenda this administration is going to add hugely onto our debt, starting with a new entitlement in health-care reform which could add trillions to national debt.
In the absence of health reform, [we] are going to have $9 trillion added in debt over a decade. … That’s why the Chinese are worried, and that’s why Republicans are worried, and that’s why Americans are worried about this incredible spending that the Obama administration has on its agenda.