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

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

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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.”

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Looks like Obama just threw himself under the bus and admitted what conservatives and economists have been saying about his economic policies since he took office.

Did it ever occur to him that he's the one spending, borrowing, and mortgaging our children's future?

How bizarre.

It would have been nice if one of the attendees had stood up at that point and said, "Then stop spending and borrowing you jackass."

Obama has no clue what he doing. That's not a revalation. Remember citizens. Keep ur eye on the ball. The stimulus package. The biggest robbery is the USA history. Follow the money. Didn't give anyone time to read the thing let alone think about how it would effect our country.

The episode with the Health Care companies is just a larger repeat of his episode with Caterpillar.

Remember when he said that if the Stimulus bill passed, Caterpillar would start hiring again and the President of Caterpillar later said, yeah, about that...the President must of misunderstood our conversation or was talking to a whole different company president of a whole different Caterpillar, Inc.

Well, now it appears he's done the same with the Health Care industry.

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Originally Posted by President Obama

“These groups are voluntarily coming together to make an unprecedented commitment,” Mr. Obama said. “Over the next 10 years, from 2010 to 2019, they are pledging to cut the rate of growth of national health care spending by 1.5 percentage points each year — an amount that’s equal to over $2 trillion.”

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Health care leaders who attended the meeting have a different interpretation. They say they agreed to slow health spending in a more gradual way and did not pledge specific year-by-year cuts.

“There’s been a lot of misunderstanding that has caused a lot of consternation among our members,” said Richard J. Umbdenstock, the president of the American Hospital Association. “I’ve spent the better part of the last three days trying to deal with it.”

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But, here's my favorite part:

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Nancy-Ann DeParle, director of the White House Office of Health Reform, said “the president misspoke” on Monday and again on Wednesday when he described the industry’s commitment in similar terms. After providing that account, Ms. DeParle called back about an hour later on Thursday and said: “I don’t think the president misspoke. His remarks correctly and accurately described the industry’s commitment.”

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I would have loved to have heard the conversation between the Oval Office and Ms. DeParle during that intervening hour.

His remarks correctly and accurately described the industry's commitment...no matter what they say! Damnit!

Fucking amateurs.

Obama thinks if he says it enough it will magically happen. When it does not............

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Originally Posted by Yonivore

Looks like Obama just threw himself under the bus

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I'm sure he didn't mean it. Probably just a teleprompter malfunction.

:lmao @ this.

tell me again who secured our new sugar daddy.

How can any sane person respect this man as president?

how can any man that was raised on welfare, end up alone and spending all his time and money at a strip joint at the age of 50, respect anything?

ok, let's assume that printing money and Keynesian deficit spending to bailout self-inflicted-destruction of auto and financial sectors is a bad idea.

What is the wrongies' alternative?

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Originally Posted by boutons_deux

ok, let's assume that printing money and Keynesian deficit spending to bailout self-inflicted-destruction of auto and financial sectors is a bad idea.

What is the wrongies' alternative?

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Don't bail out any of the corporations. Let them fail, or restructure under the bankruptcy laws.

These bailouts really fucked up peoples investments in the stock markets.

So it's all Obama's fault, and not, say, a Federal Reserve which fueled yet another asset bubble that popped resulting in these public debt financed bailouts of financial services companies and his predecessor's prolifigate spending?

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Originally Posted by Marcus Bryant

So it's all Obama's fault, and not, say, a Federal Reserve which fueled yet another asset bubble that popped resulting in these public debt financed bailouts of financial services companies and his predecessor's prolifigate spending?

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Much, much easier to blame Obama.

Plus, who can resist the partisan temptations of taking that route?

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Originally Posted by Wild Cobra

Don't bail out any of the corporations. Let them fail, or restructure under the bankruptcy laws.

These bailouts really fucked up peoples investments in the stock markets.

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Well, in the short run the bailouts have propped up the equity markets.

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Originally Posted by wild cobra

how can any sane person respect this man as president?

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yes i can!!

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Originally Posted by JoeChalupa

yes i can!!

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I believe he said sane, Joe.

So WC's fantasy solution is to let GM, Chrysler, Citi, AIG, BoA, etc, etc. all go bankrupt.

Just letting Lehman fail, now seen widely as an error, sent shockwaves around the world and killed confidence in the financial system.

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Originally Posted by boutons_deux

So WC's fantasy solution is to let GM, Chrysler, Citi, AIG, BoA, etc, etc. all go bankrupt.

Just letting Lehman fail, now seen widely as an error, sent shockwaves around the world and killed confidence in the financial system.

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Well, Chrysler and GM are going bankrupt but, Obama is just making sure his political cronies get the better deal out of it; instead of letting the rule of law prevail.

The jury's still out on banks, but some are saying they're still insolvent...and yet may fail.

It's just that we'll be so much further in debt when it happens.

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Originally Posted by Yonivore

Well, Chrysler and GM are going bankrupt but, Obama is just making sure his political cronies get the better deal out of it; instead of letting the rule of law prevail.

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True. In fact, Obama really should have just declared a war to create a feeding frenzy for his political cronies to get great deals.

That's making money the old-fashioned way.

Why is it that Bush escapes blame from conservatives? He and his associates singlehandedly diminished conservatism/individualism politically with his administration.

Sure, there is much for conservatives to disagree with the current administration, especially in regards to greater federal government involvement in private health care services.

But how does it follow that opposition to Obama requires pining the blame on him for everything, while shilling for Bush's legacy? The answer to Bush's spending spree is "9/11." Well, did not Obama end up with a crisis which was essentially unthought of when the presidential campaign started?

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Originally Posted by Marcus Bryant

Why is it that Bush escapes blame from conservatives? He and his associates singlehandedly diminished conservatism/individualism politically with his administration.

Sure, there is much for conservatives to disagree with the current administration, especially in regards to greater federal government involvement in private health care services.

But how does it follow that opposition to Obama requires pining the blame on him for everything, while shilling for Bush's legacy? The answer to Bush's spending spree is "9/11." Well, did not Obama end up with a crisis which was essentially unthought of when the presidential campaign started?

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9/11 doesn't excuse the bailouts...and I opposed those. I was upset that President Bush passed them. But, the fact of the matter is, Obama voted for them as well when he was in the Senate. And, the other fact is that Bush is no longer in a position to effect a change to the current path of destruction set out on by the current administration.

This is Obama's economy, this is Obama's budget, and these are Obama's extraordiarily expensive and progressively socialistic programs and they're ruining the economy.

Hell, he even as much as said so yesterday.

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Originally Posted by Yonivore

9/11 doesn't excuse the bailouts...and I opposed those. I was upset that President Bush passed them. But, the fact of the matter is, Obama voted for them as well when he was in the Senate. And, the other fact is that Bush is no longer in a position to effect a change to the current path of destruction set out on by the current administration.

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Yes, Obama voted for TARP, as did a majority of GOP senators, and a near majority of the GOP in the House. They voted for what Bush brought before this nation. Perhaps if the former CEO and Chairman of Goldman Sachs didn't find a national emergency when his former employer's bacon got too close to the flame might we not have had this debacle. Need I remind you which president he served?

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This is Obama's economy, this is Obama's budget, and these are Obama's extraordiarily expensive and progressively socialistic programs and they're ruining the economy.

Hell, he even as much as said so yesterday.

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Because Medicare Part D wasn't "socialistic." Hell, ramping up defense spending in part as an economic stimulus is straight out of the fascist playbook.

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Originally Posted by Marcus Bryant

Yes, Obama voted for TARP...

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And everything since then too. This is his puppy.

Blaming Bush isn't going to get him very much further.

He doesn't need to "blame." He only needs to cite. Surely you can figure out who set the precedent.

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Originally Posted by Marcus Bryant

He doesn't need to "blame." He only needs to cite. Surely you can figure out who set the precedent.

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Geithner, Obama, and gang have completely changed the rules of TARP and are now nationalizing the banks.

It's an entirely different game. They won't allow healthy banks to repay the bailout money and they're concocting some "means test" so they can keep control of the financial institutions.

TARP (as bad as it was when passed under Bush) no longer resembles the original intent.

The original TARP was small compared to what the Obama administration has done with it. Now they're trying to extend it to small independent banks so they can put their clutches on them. They're making noises about directing executive pay at all financial institutions, whether they took bailout money or not.

It's right out of Hugo Chavez playbook...if we're going to use the "playbook" analogies now.

The U. S. federal government is taking over our financial institutions and two of the 3 major automobile industries. They've set their sights on the Health Care field and it's running up trillions of dollars in debt that THIS president says is unsustainable.

Next is energy through his cap and trade scheme.

ROFL. Then he was fucking stupid to not contemplate what such an expansion of executive power might look like in different hands.

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Originally Posted by Marcus Bryant

ROFL. Then he was fucking stupid to not contemplate what such an expansion of executive power might look like in different hands.

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I've been using this argument for years: if you trust Bush with quasi-regal powers, what about when someone comes along who you don't like? What will you think of the powers then?

People didn't listen to me then, and I don't even think they're listening now. They blame it all on Obama, rather than on the powers we allowed the Office of the President to arrogate for itself, bit by bit.

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Originally Posted by Marcus Bryant

ROFL. Then he was fucking stupid to not contemplate what such an expansion of executive power might look like in different hands.

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Obama was under no obligation to overstep the intent of TARP.

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Originally Posted by Yonivore

Obama was under no obligation to overstep the intent of TARP.

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Nor was he under an obligation not to. Therein lies the problem with his predecessor.

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Originally Posted by Winehole23

I've been using this argument for years: if you trust Bush with quasi-regal powers, what about when someone comes along who you don't like? What will you think of the powers then?

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Naturally we'd hear that they do not exude the great restraint that Lord Bush did.

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Originally Posted by Marcus Bryant

Naturally we'd hear that they do not exude the great restraint that Lord Bush did.

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Not even fucking close

http://www.mwilliams.info/images/oba...et-deficit.jpg

Hah.

'How's that, Hankie? Your New York boys need $700 billion? Where do I sign?'

The difference between Bush's and Obama's deficits is the difference between driving at 63 mph and 174 mph.

One is over the limit. The other is reckless verging on suicidal.

Bush went rather fast in the last 4 months of his term.

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Originally Posted by Marcus Bryant

Bush went rather fast in the last 4 months of his term.

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And Obama could have either put on the brakes or accelerated. He chose to fill the tank with nitro and shoot for the sun!

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Originally Posted by Yonivore

And Obama could have either put on the brakes or accelerated. He chose to fill the tank with nitro and shoot for the sun!

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The gear was already stuck when Obama sat down.

Wow yonivore is just flat off his rocker these days.

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Originally Posted by Marcus Bryant

The gear was already stuck when Obama sat down.

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Not true.

How so? The Fed was already printing dollars by the trillion and the TARP funds were being doled out when he took over.

and dubya, dickhead, neoc*nts had put the US on course to waste $Ts, all debt-financed, in their bogus war-for-oil, but that's OK with BoniVore because Saddam was a extremely dangerous, bad man, with WMD.

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Originally Posted by Yonivore

Not true.

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The Yoni Quadrivium: fiat, bluster, ignorance and bullshit.

Leaving beyond your means is fun until the time comes to repay your debt.

The US has been doing this for what, 40, 50 years?

At some point in time, deficits needs to be balanced and the debt you borrowed to raise your populations standard of leaving needs to be repaid.

And :[email protected] blaming this on Obama. Reagan and Bush ran pretty healthy deficits. Yoni's memory is selective . . .

It's going to be fun watching the americants when social security goes bankrupt :rollin

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Originally Posted by FaithInOne

It's going to be fun watching the americants when social security goes bankrupt :rollin

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No it won't, asshole.

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Originally Posted by smeagol

And :[email protected] blaming this on Obama. Reagan and Bush ran pretty healthy deficits. Yoni's memory is selective . . .

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I disagree. None of those deficits were so dangerously high as a percentage of GNP or GDP, plus, much of the new deficit spending are programs that will continue in all future budgets!

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Originally Posted by smeagol

And :[email protected] blaming this on Obama. Reagan and Bush ran pretty healthy deficits. Yoni's memory is selective . . .

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True, but then it should be noted that Obama's own budget projections say that he's going to rack up more debt in 4 years than Reagan, Bush I, Clinton and Bush II did in 28.

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Originally Posted by Marcus Bryant

So it's all Obama's fault, and not, say, a Federal Reserve which fueled yet another asset bubble that popped resulting in these public debt financed bailouts of financial services companies and his predecessor's prolifigate spending?

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Yeah it's the Feds plan, but lets despense with this idiotic passion play that Obama's a force for change,let's stop this stupid roll call of economic forecasts and projections, and talk about exposing Obama and every other political hack that's running interference for the elite, and reveal their end game.

whoever has super or 501k plans.....lol take a hard fkn look about it, since the govt would probably want these funds to start funding some projects.......this is the only place where the money is left untouched....

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Originally Posted by hope4dopes

let's stop this stupid roll call of economic forecasts and projections, and talk about exposing Obama and every other political hack that's running interference for the elite, and reveal their end game.

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Ok. Reveal it, micca.