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May 16, 2009
Obama Says U.S. Long-Term Debt Load ‘Unsustainable’
Obama Says U.S. Long-Term Debt Load ‘Unsustainable’
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.
In his New Mexico appearance, the president pledged to work with Congress to shore up entitlement programs such as Social Security and Medicare. He also 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.
Obama prodded Congress to pass restrictions on credit-card issuers, saying consumers need “strong and reliable” protection from unfair practices and hidden fees.
“It’s time for reform that’s built on transparency, accountability, and mutual responsibility, values fundamental to the new foundation we seek to build for our economy,” the president said.
Taking questions from the audience, Obama repeated his stance that he wants legislation to overhaul the health-care system finished before the end of the year, saying it is vital to the economy.
Health-care costs are driving up the nation’s debt and burdening entitlement programs such as Medicare, the government- run insurance program for those 65 and older and the disabled.
The programs’ trustees reported May 13 that the Social Security trust fund will run out of assets in 2037, four years sooner than forecast, and Medicare’s hospital fund will run dry by 2017, two years earlier than predicted a year ago.
Wild Thing's comment.........
Obama has been spending gazillions of dollars on everything…except the military. A proposal to cut more than $1 billion from the Missile Defense Agency’s budget is but one example.
Barack Obama, calling current deficit spending 'unsustainable,' warned of skyrocketing interest rates for consumers if the US 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 US 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.'"
Obama saddled us with $11 trillion in budget deficits for the next ten years, warning that his own policies have wrecked the US economy and that they cannot be continued. As Rush Limbaugh said, Obama has thrown himself under his own bus!!!
This whole thing is about Obama getting money for his Socialized Medicine.
Posted by Wild Thing at May 16, 2009 07:40 AM
Comments
What's this WE shit, does he have a turd in his pocket ? When and if he ever finds a solution to a problem it certainly won't be WE solved it, it will be obama solved it. But when the country's in trouble its WE.
It wasn't Our idea to march toward Socialism, it wasn't our idea to sell our over worked debt to the Chinese, it wasn't our idea to donate Billions of dollars to a corrupt organizations, ACORN the leader of corrupt democrat causes, their primary focus is to rig elections, steal from anyone who will possibly be stupid enough to donate, it wasn't our idea to Bail out: Banks, General Motors, Chrysler, AIG. It wasn't our idea to have 'WE' pay for mortgages of people who shouldn't have gotten them in the first place...He is saying Socialism is unsustainable. That is the first truth he has ever muttered.
Now its mortgaging our childrens future try great grand Children's future, berry, Where does this Donkey's Ass think the money is going to come from to pay for his Over-bloated, over-regulated health care boondoggle, From WE the people as if we are not paying enough.
Posted by: Mark at May 16, 2009 08:47 AM
All the while he's making drastic cuts to our defense budget. But it's the evil American Military so I guess all is well, Right? He says we cannot spend this money? No, HE HE HE!!! cannot spend this money and borrow 50 cents on the dollar. He's setting the stage for raising our taxes and sending it to his bullsh*t so-called "healthcare" program on the bullsh*t promise of "jumpstarting our economy" he's just so full of sh*t. I'm makng the down payment on this my kids are paying the intrest and my grandkids are paying the actual cost.
He wants to bail out california too. This is ridiculous, take money from well to do states like Texas and give it to states that have screwed themselves like california. Kinda sounds like Raising taxes on Southern States to help out the Northern States that had ruined their economies through over regulation high taxes and the like, yeah kind of like the 1860's.
Posted by: JohnE PFC U.S. Army at May 16, 2009 11:31 AM
P.S. Rio Rancho? LOL makes me think of a play called "Glengarry Glen Ross" it was made into a movie in 1992. I feel like Ricky Roma chewing out the John Williamson character in one scene.
http://www.youtube.com/watch?v=3HURJNd0J4U
Al Pacino is Roma and Kevin Spacy is Williamson.
Posted by: JohnE PFC U.S. Army at May 16, 2009 11:38 AM
Your last line says it WT. It is about a nationalized health care system. It is about socialim and nationalization of the American economy. Break it down, then nationalize it all. Make as much of America as possible dependent on or controlled by government. We have been heading that way for over 60 years. Now we are on the autobahn toward the end result.
Posted by: TomR at May 16, 2009 12:19 PM
Spot on WT. Total nationalization.
What was it that the skunk said when the wind changed? "It all comes back to me now". Since Islamobama and his contemporaries have created this unsustainable debt, what is his solution? Soros must have another financial maneuver in store for the Chicago Mafia puppets.
What'll it be, dump the dollar and replace it with another script similar to MPC, swap the dollar for Euro's, Saudi Ryals, Iranian Rials or Iraqi Dinars under the same government offer for the stocks, 29 cents/dollar as they raid your lifesavings? Or simply a government stipend in the form of an ATM card like those currently in use for welfare recipients that levels us all to subservience to the Communist Islamic dictator.
Posted by: Jack at May 16, 2009 12:24 PM
Mark, well said, it is all of that
with him.
Posted by: Wild Thing at May 16, 2009 07:18 PM
JohnE PFC U.S. Army, that is such a
great scene, thanks for the video.
Your right, Obama is in the business
of taking from success and giving it
to the ones that have messed up. Punishing
those that have done it right, worked hard
and can stand alone with the government
to help them.
Posted by: Wild Thing at May 16, 2009 07:27 PM
Tom, that sure is what it feels like
and it really is the speed of this
all happening.
"Now we are on the autobahn toward the end result"
Posted by: Wild Thing at May 16, 2009 07:29 PM
Jack, I keep wondering about Soros.
Like you said .....
"Soros must have another financial maneuver in store for the Chicago Mafia puppets"....
Soros is not going to want Obama to fail
not yet anyway. He needs him to stay in
power and get elected again and maybe
even change the law so he can be king,
dictator. So yes Soros must have the
next game plan lined up of what to do.
Posted by: Wild Thing at May 16, 2009 07:36 PM
