Obama Says U.S. Long-Term Debt Load ‘Unsustainable’

[pbwalker]

http://www.bloomberg.com/apps/news?pid= ... =worldwide

May 14 (Bloomberg) -- 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.”

ummmm...

[bdickens]

Well, no kidding! Now that you've mortgaged our grandchildren's future by more that tripling the Nation's debt in a mere 100 days is sure a fine time to realize that.


What a stinking moron Osama - I mean Obama is. I hope everyone who voted for him is happy now. I sure hope you will have some change left after all of this.

[74novaman]

[Medino]

Wow i wonder where he thinks the bailout money came from? Guess we will have to start looking for the made in China label on the back of the dollar bill next.

[boomerang]

As the Iron Lady said, "The problem with Socialism is that you eventually run out of other people's money."

[casingpoint]

We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt

First sensible statement the guy has ever made as President. How long did it take him to catch on?

[flintknapper]

Man....theres an epiphany for ya, huh?

[74novaman]

We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt

First sensible statement the guy has ever made as President. How long did it take him to catch on?

And yet he's still recommending more deficit spending.

So either he hasn't actually caught on...

Or he has an active interest in crippling the free market and your ability to produce what you need without government aid.

Take your pick.

[Liberty]

Does this now make him a tea bagging racist too?

[JJVP]

http://www.bloomberg.com/apps/news?pid= ... =worldwide

May 14 (Bloomberg) -- 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.”

ummmm...

Translation - We are going to raise your taxes to be able to reduce the deficit.

[boomerang]

Translation - We are going to raise your taxes to be able to reduce the deficit.

Maybe I should see about working off the grid.

[LaUser]

Paul Krugman, Nobel Prize winner for Economics, columnist for the New York Times, and a Bush Administration critic said of the Bush's economics policies before the 2004 election that "those tax cuts, rather than the spending binge, are the primary cause of the (federal) deficit.” He also said that tax cuts, deficit spending and two wars are unsustainable.
While Republicans like to talk about tax cuts, actually favoring the rich. And Republicans like to accuse the Democrats of wanting to raise taxes. The best way to reduce the deficit, begun in the Bush Administration, is by increased taxes. The theory that reduced revenues through tax cuts will reduce the size of government, had been proven to be untrue. In recent history under Reagen, Bush H.W., Clinton, and Bush W., government has grown and continues to grow.

So what Obama said is true. How quickly we forget when and how all this mess started. We love to blame it on someone we dislike.

[boomerang]

How quickly we forget when and how all this mess started.

1933?

1913?

1862?

[pbwalker]

Paul Krugman, Nobel Prize winner for Economics, columnist for the New York Times, and a Bush Administration critic said of the Bush's economics policies before the 2004 election that "those tax cuts, rather than the spending binge, are the primary cause of the (federal) deficit.” He also said that tax cuts, deficit spending and two wars are unsustainable.
While Republicans like to talk about tax cuts, actually favoring the rich. And Republicans like to accuse the Democrats of wanting to raise taxes. The best way to reduce the deficit, begun in the Bush Administration, is by increased taxes. The theory that reduced revenues through tax cuts will reduce the size of government, had been proven to be untrue. In recent history under Reagen, Bush H.W., Clinton, and Bush W., government has grown and continues to grow.

So what Obama said is true. How quickly we forget when and how all this mess started. We love to blame it on someone we dislike.

What blaming was there? I just pointed out the hypocrisy in his actions / statement...

[bdickens]

[Or he has an active interest in crippling the free market and your ability to produce what you need without government aid.

Bingo.



LaUser, I know you're an Obama lover and all, but his drunken spending spree has in a mere 100 days outspent all of his predecessors going back to George Washington combined. You really need to lay off that kool-aid. It's bad for you.