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Originally posted by platosallegory
Obama says debt can't be sustained
(visit the link for the full news article)
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.”
Originally posted by tatersalad
great video wonder. as much of the us loses there jobs and there livelyhood all i have seen is big ass smiles. sad but so true. kinda makes you wonder if they know something bigger than what there letting on about
The answer is, Do what we did in 1945 when when government debt was far worse, and in 1993, which is raise taxes on the super rich, people worth more than $10M, to bring government debt down to reasonable levels.