Obama Says U.S. Long-Term Debt Load ‘Unsustainable’ (Update1)
By Roger Runningen and Hans Nichols
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.”
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.”
The president pledged to work with Congress to shore up entitlement programs such as Social Security and Medicare and said he was confident that the House and Senate would pass health-care overhaul bills by August.
“Most of what is driving us into debt is health care, so we have to drive down costs,” he said.
Then stop spending you moron!
Michele
Judy
The guy is the biggest idiot on this planet.
Larry
Right on! I agree 100% with you. But, will Obama listen to us. NO!
Grace
You do realize that he is not spending, he is investing. You should learn the difference one pays you back the other the money is gone.
Clyde
I would like to see interest rates go up, thats going to be one of the signs that the recession is over.
Many people have their money sitting on the sidelines, because the interest you can earn on it is almost nothing,, .9% annual for a CD and the fed, state and local take taxes out of it.
People would rather nobody know they have any put away at those rates.
Janet
Health care in the last 100 days did not cause our debt to nearly double, where did all that money Obama the loser borrowed and what does he have to show for it? Where are the 2.5 million jobs that Obama the loser porkulus package was supposed to create or save?
You nailed it on the nose by stating the obvious “Then stop spending you moron!” In my opinion all the Obama bots truly wasted their votes on Obama the loser and for the good of our country Obama the loser needs to resign NOW!
Vera
i cant explain this, sure since Democrats and Obama are in power i was willing to roll along with some of their “pipe dreams” however there is a limit on what they can do without seriously hurting all of our wallets. We are already in deep debt, socialism is not cheap
its like pouring a bottled water on a forest fire
useless
Jesus
I was at the National Printing Office yesterday checking on things. I saw pallets of a brochure going out to regional Census offices labeled “The Soylent Green Solution — Hope for a Changed America in 2010″, it was a publication of the White House Special Services Office.
I just don’t know anymore.
That may be kidding — but look how China has handled it’s civics problems. Where exactly is Obama going with this?
Scary stuff.
Vanessa
Obama reminds me of these desperate looking Ukranian gamblers you see here in the casinos in Europe. They lose 500, so they bet 1,000, which they also lose, and subsequently lose the next bet of 2,000.
Get the picture?
Barack Hussein Obama is a disgrace to mulattos everywhere.
Although this is not part of your question, let me add something about our current President, who I believe is ineligible to hold office. I could write 10,000 words about this subject to convince you that he is not a natural born citizen, but consider this, which no one has disproven: there is no record of Mr. Obama having a U.S. passport until he got into the IL Legislature. Since Obama was travelling internationally, what country’s passport was he using?
My bet is, Indonesian. His mother took Indonesian citizenship for herself and Obama. I believe he is perpetrating the biggest fraud in U.S. history.