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A severed foot is the ultimate stocking stuffer.

May 14th 2009

Obama: We can’t just keep borrowing money.

Imagine Bush in 2003 railing against the invasion of Iraq.

Obama’s presidency has descended into the surreal.

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.”

bush-deficit-vs-obama-deficit

4 Responses to “Obama: We can’t just keep borrowing money.”

  1. Obama has always talked about wonderful things and good ideas. As a candidate, it was stuff that he had never done and had no record of accomplishment on. This time, it is simply more rhetoric that does not equal the man or his actions.

    I wonder, when is the last time we started paying down the principal of the national debt?

  2. Abuzachary

    This is Obama laying the groundwork for the impending tax hikes.

  3. doug

    Yup…

  4. Ah. Tax breaks (or no new taxes) the first year or two…then raise them?

    In learning about “PAYGO” policies, it became clear to me that it was just a mandate to raise taxes. When is the last time significant government programs were cut because there wasn’t money there?