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