Obama: “Unsustainable Deficit” And Spending
Who is Obama lecturing here?
President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.
“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”
Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”
In the same article:
Earlier this week, the Obama administration revised its own budget estimates and raised the projected deficit for this year to a record $1.84 trillion, up 5 percent from the February estimate. The revision for the 2010 fiscal year estimated the deficit at $1.26 trillion, up 7.4 percent from the February figure. The White House Office of Management and Budget also projected next year’s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously.
Oh, and I loved this:
“Most of what is driving us into debt is health care, so we have to drive down costs,” he said.
Private health care isn’t borrowing from China is it? It is the government run side of things which is doing that. So after admitting government can’t manage cost effective health care the message is to hand them the rest of it as well?
Physician, heal thyself.
~McQ
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Obama, you are a tool…I would laugh you out of the room if you said this to me.
I’ll believe this dribble when Obama scales back and retargets the “stimulus” money.
The underlying thing here is that Obama could have made the “stimulus” truly bipartisan and hence could now be blaming Republicans, but because Mommy Pelosi and Uncle Harry said “no” … he now owns this mess.
Well, “he won”. He will “trump you” on that.
So good for him.
Him and his lousy party owns it now.
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If only it were as easy as continuing to borrow from China. Since the first bailouts began, I’ve warned that there isn’t enough money in the world for the feds to borrow, not because lenders don’t want to, but because they don’t have enough. Now the Federal Reserve must now create money for the feds to borrow. Welcome to Zimbabwe.
The Annointed One lecturing about fiscal responsibility is like Bill Clinton lecturing about monogamy.
Keep checking http://www.optimist123.com, when Obama loses the Skeptical Optimist (a guy who is okay with deficit spending as long as growth occurs to offset) then you will know we’re screwed.
He’s an optimist, so this might take a while.
This reminds me of the story of the guy who killed his parents then asked for leniency because he was an orphan.
B.H.O. Knows exactly how to distroy the U.S.A., & yet it is the policy he & democrats advocate. As the koran notes; be your enemys friend take thier wealth & power before the battle.
This is all building-up to a corny M. Night Shyamalan moment four years from now where BO finally realizes that the man who’s racked up this enormous debt is . . . himself!
Obama is doing exactly what he planned to do from the start. Ruin the US economy and start from scratch with the “New World Order”. Michelle will then be proud of America.
True chutzpah is murdering your parents and then framing them for the crime.
This is the classic leftist tactic for destroying economies and liberty, Obama is following the old, evil script to a T.