Obama recently came out saying that our US debtr load was unsustainable. Of course, fearing he’d stop walking and that their noses might break in the process, Reuters trotted out the same old meme about how Obama is cutting spending.
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.”
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.
Two weeks ago, the president proposed $17 billion in budget cuts, with plans to eliminate or reduce 121 federal programs. Republicans ridiculed the amount, saying that it represented one-half of 1 percent of the entire budget. They noted that Obama is seeking an $81 billion increase in other spending.
I’ve already done the math on those “cuts.” They amount to hundredths if not thousandths of ONE PERCENTAGE POINT relative to the debt we are facing.
How can anyone take The-Quicker-Fucker-Upper’s words as anything but arrogant, double-talking hypocrisy when it was HE who mandated Congress pass spending that put us in such a big hole there is little chance of us crawling out unless widespread tax cuts are passed?
I can’t come up with a decent real world example of this sort of chutzpah. Let me try:
I am in debt. I am broke. I have no job. A bank comes to me and says they will loan me a million dollars. I take it. Then the bank CEO comes out and says he can’t sustain his debt load….and I can’t pay him back because I’ve already spent the money. So I get blamed.
Anyone have anything better?
Meanwhile it looks like the market is going to soil the bed again today at the open.
Watch him on the news—-it is always ”WHAT I WANT” (regardless of subject)… I can’t remember a president (whether I ”approved of him or not” with such f- – king arrogance!
I have a funny habit of applauding good things I see on TV
AND NOW I HAVE ADDED a new gesture–and it sure as hell is not ‘thumbs up’!!
He’s just doing the same thing as the people who bought houses they couldn’t afford, then complained it was the banks’ fault they lost their home because the banks should have known they couldn’t pay the mortgage.
God Jr. is just laying the groundwork for MASSIVE tax increases. If he can create a crisis out of thin air, he has good reason for breaking his tax cut promise (not that he needs one anyway).
Alternately, he is actively destroying our monetary system so that along with Soros and Co. he can create the Marxist-socialist utopia Saul Alinsky and William Ayers taught him about.
And remember, it’s all Bush’s fault!
God Jr……..hmmmmm….
In some religious circles God Jr was crucified!