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.”
Psst…Barry, it’s YOUR spending that has created this mess… What does your TelePrompter tell you about that!?!?!?!?
LIBS… Spare us the “Bush left him a mess” rant, because this is ALL Barry’s spending at work…
http://www.bloomberg.com/apps/news?pid=20601087&sid=aJsSb4qtILhg&refer=worldwide
I LOVE IT!!! The libs have a “Bush Did It reflex” that is activated when anyone criticizes The One or any of the Axis of Idiots… They just cain’t help themselves…
Geez, guys… this isn’t rocket science… Barry has screwed the pooch, and we (and generations to come) get to pay for it for at least 50 years!
Trout – good point, but the reason that the “Bush did it” dog won’t hunt is that Barry DOUBLED Bush’s projected deficit with his pork barrel payback spending, and we are looking at never-ending deficits… as Barry finally admits…
Kiran C – I read it, and that’s even scarier… If you think the spending to date is the end, I have some beachfront property to sell you in Omaha.. These guys are just getting started.
Norma
Robin
So, do you take a pill to help you selectively forget things? You know, so you can make boneheaded claims and feel good about it?
Andre
Gop clown
BUSH
ha hah ha ha hah
Marion
Gees, youse sore losers just don’t give up, huh? Well, no matter what you write, the massive debt mess was made by Bush. Try another forum, huh?
Jean
How did we fund the war in Iraq? No doubt we can’t keep up the borrow and spend mentality, but the current guy pales in comparison to his predecessor.
Julie
I live in Albuquerque. I wanted to go see his rant, but I’m lazy. He’s a pro at speaking. It doesn’t have to be a relevant speech, just pretty. He’s not even nearly done spending either! We still have universal healthcare to deal with. He spends like a chick on daddy’s paycheck.
Louis
If he did wake up to it, he would never admit to it in public.
Irene
Barry reminds me of Jim Lovitts character after caught in a lie & starts saying the exact opposite. “I ALWAYS said we can’t continue to borrow from China!” Yeah…yeah…that was it.
Arthur
Libs will attack your observation, even though BO himself made these statements. More irrational, emotional vomit/venom I’m afraid.
Maybe BO will have an epiphany, maybe he won’t. I’m not holding my breath.
Anthony
Why wont Cheney testify under Oath?
Lonnie
Were you living in a cave in 2008? Bush created this mess, and your President, Barack Obama, is cleaning it up. That’s how you get out of an economic emergency: You spend a lot of money. It worked for Roosevelt in 1933, and it worked for Clinton in 1993, and it is working for Obama in 2009.
We had a gigantic mess at noon on January 20, 2009, and not one bit of it was due to Barack Obama spending one red cent — and you damn well know it!
Chester
bush’s deficit: $459 Billion
obama’s in eight years: $20+ Trillion
It’s hard to tack exact figures on obamas debt as the administration changes it’s story from day to day.
one thing is certain though! bush and cheney are still signing the checks!! according to obama bush has infiltrated the democrat filled appropriations committee and stolen they keys to the safe! it’s all bush’s fault!
marsha marsha marsha!!! errr uh… i mean…
george george george!!!
Edward
Read the rest of article. Obama will work with Congress on entitlements and health care reform to find some cost savings.
Tom
He can really read the hell out of a prompter but he doesn’t know sh!t about economics.
Donald
Exponential growth patterns
1 plus 1 = 2 …. 2 + 2 = 4 ………4 + 4 =8
Understanding that principle will make it clear what Bush did when he turned to the printing press to buy out the 15 % bad assets
He is worthy of a lot of blame —-
But Obama continued turning to those printing presses
Any hope of avoiding hyper inflation is now long gone and will soon strike as an absolute reality
The 700 billion Bush needed to buy out the bad assets happens to be the annual budget of the US armed forces — That is a lot of assets and a lot of printing requiring a lot more printing later to pay off the debts interest
And Obama did just that —
Today’s trillion was yesterdays million
But no one is going to care until today’s loaf of bread at 2 dollars is next weeks loaf of bread for 40,000 dollars
Shane
Obama needs to look into the mirrow, and Yell. Somebody Slap me.
He is the cause of the debt. He,Himself, and no others. And now the
fool says he thinks there may be a problem.
Duane
He didn’t create it and yes he is spending money. C’mon already take your head out the sand and admit Republicans screwed us BIG TIME.
If not for Bush and company this question wouldn’t be here would it now? Guys talk nonstop of personal responsibility and do all they can to worm out of it. So yes SPARE US please.
Raul
Just wait until next year when massive stagflation sets in, it will make this recession look like a walk in the park and since the Democrats hold all of the keys it will fall squarely on their shoulders, ain’t that just a hoot, lol.