Obama says debt can't be sustained

It's been obvious for decades that our national debt load has been unsustainable under actions by Congressional majorities of both parties and administrations of both parties. Big news! Obama publicly admits it!

So why, if this is the case, is a Democrat controlled Congress under a Democrat President driving this country further into insolvency, nationalizing the financial system, nationalizing the insurance industry, nationalizing the auto industry, passing an 800 billion $ Porkulus bill (of which only 10 million $ has so far actually been spent...including 10,000 checks totalling over a million $ sent to dead people)? Why are they destroying the Dollar and the national economy? Why are they devaluating the dollar and creating money out of thin air (hint...the Chinese won't buy our Treasury Bonds any more and are actively seeking to exchange their dollar reserves for gold from the IMF, so the Fed is buying the bonds...effectively printing money out of thin air).

The Democrats have finally achieved their ideal Wet Dream...an unchallenged far Left Congress and a far left President to rubber-stamp them. They are ramming through every crack-brained leftist item that they have longed for for the last four decades, and they don't give a tinker's damn for how it is paid for or what damage it does to the nation. There is no realistic opposition to stop them. They are not interested in bipartisanship, and the President who won by a 53/47 % margin and is supposed to be the President of ALL Americans just has the arrogant reply of "We won" to those who object.

Nice. "I don't care what almost half of Americans think...we finally have the chance to run the country into the ground doing what we want with a total disregard for what the majority thinks about our agenda and ramming it down their throats regardless of the cost. Somebody else can worry about that. Whenever."

reply to post by platosallegory


Gretta had it on tonight, you should have seen the look on the peoples faces, I like to look at peoples reactions, they looked disgusted.

The only way out of this at this point govt. wise that I can see (maybe someone else here can see a better plan I hope anyway) is using the taxes collected for only police, hospital, firefighter, education type support period.

Temp shut down over seas military bases bring them all home stop any wars and sell the tanks etc. to local people who will be there to defend their land.

Reduce all govt. employee benefits and pay rolls to that of a mid American worker (no govt. employee making more than the president in other words)

Do this for a couple years and we might make a small ding into it not to mention stop ticking off countries who want to fight their own war.

I really can not see any other way out of this at this point.

Pry better keep the food stamp program going a few people might need at this point.

reply to post by David9176


you are so very right about word play..

this president does an obviously bad thing for this country, then comes out later and condemns those same actions HE initiated!!

It's not a mystery. Everything we feared about the reprocussions of our government spending, is coming to pass.

Wait 'till Obama anounces that he intends to support the raising of interest rates to protect the future of our children.

Wait until he announces serious reform in the Medicare and social security funds that will rock the economy to shambles.

This has all been a delay tactic to soften the landing I'm afraid.

reply to post by Darthorious


It would cost more to close shop over seas and bring all the troops home.

If we bring them home it would cost just as much to sustain them here, so you aren't saving money that way.

You would have to spend tens of millions, maybe in the billions to move the personel, families and equipment.

You would have to spend millions, maybe hundreds of millions to build offices, ports for ships,hangars for planes,motor pools, schools and housing. I'm sure I'm missing something there

And you might have to buy more land to do it all.

You will bring money into the economy, but not enough to justify spending that much money.

While there can be some good arguements for closing all over seas bases down. Saving money isn't one of them.

reply to post by platosallegory


Enjoy the fruits of your vote!

Originally posted by platosallegory

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)

Well DUH

Any rocket scientist could tell you that.
What a Great President, states the obvious and everybody agrees
with him. So he must be on the right track.

We are loyal to O bama but # him we are loayl to the people! The boys are back in town

reply to post by RR98


kind of sounds like it's just a continuation of what we've had for about the past decade, or so, doesn't it? only the table's been turned....

the only way out of it I see IS socialism.......the whole system has to be micro managed down to it's basic level.....and well, still think that both parties want the socialism!! they just disagree as to who should be the beneficiaries of such a system. but, I think at this point, it would take a group of geniuses overseeing everything from the price of your food to the wage you earn to get us back a functioning economy....
ain't saying I like the idea, just saying, I think that's how far they've allowed the economy to go into the sewer....probably because both parties want the power to micro manage every aspect of you life.....
tried to tell yas,
dependency=servitude.....
but well, no, it's okay that a third to a quarter is dependant on government handouts and many of the rest are dependent on their credit cards....everything was fine, blah, blah, blah!!!

we're a country who susposedly values our freedom above all else. you can't have freedom without independance. you can't have independance if the wages earned by many doesn't provide the basic necessities of life.....

with freedom comes responsibility. fail to take the responsibility seriously, and well, sooner or later someone is gonna have to step in and take that freedom from you.....


[edit on 16-5-2009 by dawnstar]

This post will likely be lost in bickering...but i will post it anyway.

Many people here nailed it. But just not all at once.

Cheap labor is part of the problem. It isn't that we have cheap labor insomuch as we overly enjoyed a period where cheap labor created cheap products, and we had the illusion of being able to afford them.

As low paying jobs were moved off shore we saw increasing levels of debt incurred by the citizens of the US. Surely there is a correlation, right? What was once financially out of reach was suddenly within reach. All of it. At once. Thus, Americans are now in debt (not me...i have always been cash and carry, as it seems silly to pay someone fee's).

Did the ensuing off-shoring hit the government tax coffers with lost business tax revenues? Absolutely not. With all the tax credits and whatnot, their tax burden was extremely low. The citizens pay a majority of the taxes in our country. The problem, however, is that government spending has soared, as a rate unseen before in history.

I hear a lot of GOP supporters blame Obama for his "bailout" and spending. However, i would point out that it was Bush who spent billions in Iraq. This isn't a problem where one party or another has failed. This is our government failing. The people we elected.

Sadly, the continual re-election of these same clowns only makes us, the citizens, ultimately responsible. Our inability to think independantly and our choice to partake in the circus of political partisanship will be what destroyed our nation. WE THE PEOPLE were put in charge of this nation. WE were the ones who were allowed to decide on our leaders. This is not the democrats fault, Obama's fault, Bush's fault....this is OUR fault.

What's the big deal? All BO has to do is start WWIII and print some more money, it's simple really......

reply to post by bigfatfurrytexan

Sadly, the continual re-election of these same clowns only makes us, the citizens, ultimately responsible.

Can't argue with that Tex,

If the debt cannot be sustained then solutions must be made, what are the options?
1, don,t pay the debt , how can usa be forced to?

2, print more money,

3, we are in a world recession so, is this the way into introducing the NWO as one world government? whereas the whole world combines the debt and so works together, maybe a form of communism?
is this the entry thats expected?

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
gj

Thanks. Yes they know more they are saying the US and others are insolvent.

It will only take one word from Timmy Geitner or Obama to set off a massive bank run. They have taken precautionary steps to stop this.

Last year they shut down all electronic banking for an hour, until the upped FDIC from 100,000 to 250,000. It can happen again.

I'm very upset that not only can they shut down the banks but also locked people out of their 401K funds.

If they did tell us the truth all hell would break loose.

I don't have a specific time frame (maybe mid 90's) the US became a culture of "buy now, pay later". This sickness has worked it's way from john doe individual to the entire government. The government is now looking just like my neighbor who has a crap job, sick wife, house he can't afford, big SUVs he can't afford, credit cards maxed out, kids he can't get through college.. and the cherry on top he comes home with a brand new 60inch plasma and surround sound system a few weeks ago. Shortly after that he buys a new jacuzzi. Why not!? Hell he ain't gotta make any payments till 2011! When you have a population like this, what can you expect from the government?

I heard the other day that currently the government is borrowing 50 cents of every dollar being spent. It is like smoking two cigarettes and bumming a third one and saying that you cutting back on your three pack a day habit because you are only buying two packs a day and bumming a third pack from friends and strangers.

Perhaps we need something like the smoking bans for government spending: Spend all you want but don't spend money indoors. Might make for interesting newscast to see a bunch of Congressmen all huddled in the pouring rain on a cold day trying to sneak in a little earmark or kickback.

Guess we need a "grass roots" sponsored anti-spending collation to brainwash the masses on the dangers of second hand spending. Perhaps an ad campaign of an idealistic backside labeled as a fiscal conservative and then one that is fat, flabby with pimple and boils and a cowboy boot wedged in the butt-crack labeled as a typical congressional tax waster.

It seems the op's solution is that we should all bohica for the PTB.

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.

We are in debt up to our ears directly because of Repub free market experiments of lowering the taxes on the rich in the hope that they will invest in our economy and improve the lot of us all, combined with de-regulation, in the belief that getting government off of the back of business would increase business efficiency.

What we got was that investment money flowing overseas to export our jobs for the profits of the super rich, combined with rampant corruption at the upper ends of business without the government enforcing the laws against corruption.

Under repub admins, the government was looted, as well as the public, and the money was siphoned off into the coffers of the super rich. The answer is to redirect that money flow, and take back the money that the super rich stole, so that our children are not burden with the fact that so many fools bought into the whole free market scam.

reply to post by poet1b

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.

Yeah, except that Obama has already lowered that bar to $250,000 (for now). And he'll be back to get the rest of the people's money in due time.

Just wait for Cap 'n Trade.

I say we let it crash, flush out the jerks making money off all this, re-do the system, and be happy once again. AS IF right? pfffft one world government here we come (under the law of China no less)....... Technically an NWO is a step forward in terms of our growth as a civilization but not like this no way!