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Obama says debt can't be sustained

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posted on May, 15 2009 @ 10:32 AM
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Obama says debt can't be sustained


www.bloomberg.com

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.”
(visit the link for the full news article)




posted on May, 15 2009 @ 10:32 AM
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Of course this debt can't be sustained. Anyone with half a brain could see this because first Bush and now Obama are borrowing and spending trillions of dollars.

He even goes on to talk about healthcare which means the Government will waste and spend more money.

We can't sustain this debt because of cheap labor in a global economy. There's not enough jobs that will be created to sustain all of this debt.

I have been saying this since Bush and are kids and grandkids will suffer because this Government is a Behemoth.

This means we are headed for a crash because we are drowning in debt that can't be sustained.

The smart thing to do in a global economy with cheap labor is to decrease the scope and size of government. Bush did nothing to control spending and he borrowed and spent like crazy.

Obama comes into office and he wants to dig us in a deeper hole and now he's saying the debt can't be sustained.

At first he said jobs will cover the debt. I knew this was pie in the sky liberalism. There couldn't be enough jobs created to sustain all of this debt in a global economy because of cheap labor.

Obama said, we would create jobs that would never leave. What are these magic jobs? Of course there gonna leave the country in a global economy and this means the BEHEMOTH in Washington is just burying us in debt.

www.bloomberg.com
(visit the link for the full news article)



posted on May, 15 2009 @ 11:39 AM
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i am so very glad you found and posted this material, your a good man-woman, just heard this and couldnt believe that obam would put himself under the bus, persay. hope this information breaks to the main stream media today, as anyone that has obamamania should WAKE UP.



posted on May, 15 2009 @ 11:52 AM
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All I could do when I read this was shake my head. It was a total "DUH!" moment.

He states we can't sustain our debt and yet he keeps increasing his budget.

He cuts 17 billion in spending only to spend 81 billion somewhere else.

I just don't get it. When we want something we cut to save. When they want something they pay lip service to cutting but increase spending.



posted on May, 15 2009 @ 11:54 AM
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You mean they have just worked out that americans are credited out to the max, and cannot keep spending forever, lol. This while fox business and cnbc have been telling you people to spend what you do not have, and your all maxed out.

This is only why he said this.

[edit on 5/15/2009 by andy1033]



posted on May, 15 2009 @ 11:58 AM
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Originally posted by cnichols
All I could do when I read this was shake my head. It was a total "DUH!" moment.


No shyte Sherlock! I'm saying that to Obama, not to you cnichols. It's not that he's stating the obvious, it's that what he's really saying to the American people is that the stuff is about to hit the fan "and it won't be my fault. Don't say I didn't warn ya. I'm a glorious and brilliant leader. Trust me (and under his breath "you fools")".



posted on May, 15 2009 @ 12:07 PM
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I can just see Obama's handlers cringing when he decides to speak on his own and not read from his teleprompter like he's supposed to. That's the equivalent of if Bush were to say we can't keep up with fighting the terrorists because the war on terror is creating too many new terrorists.



posted on May, 15 2009 @ 12:17 PM
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Originally posted by Albertarocks

Originally posted by cnichols
All I could do when I read this was shake my head. It was a total "DUH!" moment.


No shyte Sherlock! I'm saying that to Obama, not to you cnichols. It's not that he's stating the obvious, it's that what he's really saying to the American people is that the stuff is about to hit the fan "and it won't be my fault. Don't say I didn't warn ya. I'm a glorious and brilliant leader. Trust me (and under his breath "you fools")".


My first reaction seems to be shared by many. DUH or as Bart Simpson would say "DOH"!



posted on May, 15 2009 @ 12:27 PM
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I agree with the posts on this thread.

This should be the biggest story of the day but you will not hear about it from the MSM.

What Obama said means America is in trouble. We can't sustain all the spending he's doing. We can't sustain it because we can't create enough jobs to pay back all of this debt.

The government borrows money based on future taxes and if there's not enough jobs to support this Behemoth then taxes will skyrocket and everything else will follow.

Obama is spending money that has not been made by children that are not even born.



posted on May, 15 2009 @ 12:30 PM
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reply to post by platosallegory
 


Death of America in slow-motion, free-fall. No one saw this coming eh? Print Spend. Spend Print. Tax, tax, tax. Print, spend, tax. Repeat. Solution we've all been waiting for.



posted on May, 15 2009 @ 12:35 PM
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So sad when I read it that I actually laughed. I actually laughed out loud in despair.

The borrowing czar says we better quit borrowing or we'll go broke.. That doesn't include the 3 trillion dollars of bailout money and another 100 billion for this peace candidates war just recently , would it?

He must mean... Starting........ NOW!



posted on May, 15 2009 @ 12:36 PM
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Ripped straight off the cover page of "DUH!" magazine!


I just LOVE how they act like they really care about the burdons our future generations will have while they continue to loot the coffers!



posted on May, 15 2009 @ 12:39 PM
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I got a Twitter Tweet yesterday from Suze Orman saying;

"Now did all of you hear our President say - that interest rates could go sky high- that was a very heavy statement he made."

I'm thinking hyperinflation.

[edit on 15-5-2009 by wonderworld]



posted on May, 15 2009 @ 12:41 PM
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reply to post by wonderworld
 


What motive could he possibly have for making a statement like that? Any thoughts?



posted on May, 15 2009 @ 12:47 PM
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When you focusing on the next obstacle instead of the whole course it is easy to misunderstand the game plan, or just chose not to understand. Obama was stating the obvious which is that we cannot continue to borrow money. However, simply refraining from borrowing money is not the solution, not in our case. What we need to be able to do is stop borrowing money and be able to support ourselves without that borrowed money. We are not at that point yet. What we must do is build ourselves up to the point and then stop borrowing money.

If you can only see that one obstacle then I guess I could understand how this was mistake on Obamas part.



posted on May, 15 2009 @ 12:50 PM
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He's echoing what the rest of the country has been saying since the bailouts started...and now he speaks up?

he speaks up yet proposed the biggest budget in US HISTORY!?!?!

It's word play people...that's all he is doing...and all he had done since he was elected.



posted on May, 15 2009 @ 12:52 PM
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while reading about this subject the other day i came across a tidbit of info i dont think most people know. China is not the #1 holder of america's debt. That honor goes to none other that the US> thats right we owe ourselves more money than we do China. This can be explained with just 2 words. Social Security



posted on May, 15 2009 @ 12:56 PM
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Originally posted by Styki
When you focusing on the next obstacle instead of the whole course it is easy to misunderstand the game plan, or just chose not to understand. Obama was stating the obvious which is that we cannot continue to borrow money. However, simply refraining from borrowing money is not the solution, not in our case. What we need to be able to do is stop borrowing money and be able to support ourselves without that borrowed money. We are not at that point yet. What we must do is build ourselves up to the point and then stop borrowing money.

If you can only see that one obstacle then I guess I could understand how this was mistake on Obamas part.


What you don't understand is we can't reach a point where we will stop borrowing money because of cheap labor.

The only solution is that Government stops spending and wasting money. There's no big picture.

Maybe 50 or 60 years ago this could happen because companies were located in the United States and you didn't have the cheap labor problem.

I know of a C.E.O. who had 90% of his company in the United States years ago but now 80% of his company is overseas.

So we can't borrow our way out of this. The scope and size of government needs to be reduced.



posted on May, 15 2009 @ 12:57 PM
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S&F.


But.

We knew this long before Bush left office.




posted on May, 15 2009 @ 01:30 PM
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I am finding it difficult to say what hasn't been said already in this thread. I read the article and couldn't believe that those words came from his mouth.

Who in the hell does he think he is trying to fool with this rhetoric? I guess it is easy for him to say now that the money has already been spoken for. The man suffers from a severe case of 20/20 hindsight.

I am amazed that there are people who STILL can't smell the stench of his BS. What more do people need to read and see about him. The man is a huckster.



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