Obama Says U.S. Long-Term Debt Load ‘Unsustainable’
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.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.”
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.
But, here's my favorite part: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.”
I would have loved to have heard the conversation between the Oval Office and Ms. DeParle during that intervening hour.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.”
His remarks correctly and accurately described the industry's commitment...no matter what they say! Damnit!
ing amateurs.
Obama thinks if he says it enough it will magically happen. When it does not............
I'm sure he didn't mean it. Probably just a teleprompter malfunction.
@ 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?
Don't bail out any of the corporations. Let them fail, or restructure under the bankruptcy laws.
These bailouts really ed 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?
Much, much easier to blame Obama.
Plus, who can resist the partisan temptations of taking that route?
Well, in the short run the bailouts have propped up the equity markets.
yes i can!!
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.
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.
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?
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.
, he even as much as said so yesterday.
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?
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.
, he even as much as said so yesterday.
Because Medicare Part D wasn't "socialistic." , ramping up defense spending in part as an economic stimulus is straight out of the fascist playbook.
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.
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 ins utions.
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 ins utions, 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 ins utions 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.
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