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The Spectacle Blog
Bloomberg News reports
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.”
The president pledged to work with Congress to shore up entitlement programs such as Social Security and Medicare and said he was confident that the House and Senate would pass health-care overhaul bills by August.
“Most of what is driving us into debt is health care, so we have to drive down costs,” he said. […]
And whose bright idea was it to submit a $3.6 trillion FY2010 budget to Congress that would generate cumulative deficits of $9.3 trillion between 2010 and 2019, put the government’s bailout program on steroids, and (secretly) abolish welfare reform all while pushing for national bankruptcy-inducing universal health care?
The president doth protest too much.
View all comments (44) | Leave a comment
More Blog Posts by Matthew Vadum
http://spectator.org/blog/2009/05/14/duh
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Pete| 5.14.09 @ 8:05PM
Just his way of setting up the Republicans to take the blame for inflation if they oppose his health care BS. What an ass.
Pingback| 5.14.09 @ 8:20PM
Duh! | But As For Me links to this page. Here’s an excerpt:
Aaron| 5.14.09 @ 8:27PM
Its not what he does, its how he says what he says. The people are eating it up. Terrifyingly amazing.
John | 5.14.09 @ 8:49PM
This is all fluff. Notice how the president makes this statement on a news day dominated--DOMINATED--by the Pelosi/CIA debacle.
Making these statements at a townhall is merely cover for when the piper comes to be paid, and Obama can say "remember I said this at this town-hall--see? SEE?"
And like Matt says, he's doing the complete opposite of what he says---completely contradictory. The hubris is strong with this one.
This is government by Alinsky.
Obama voters have been had. And they don't even realize it.
Blacque Jacques Shellacque| 5.14.09 @ 9:08PM
And whose bright idea was it to...
I'll bet you that most, if not all, of those people at that town hall "meeting" aren't even aware of the ramifications of the recently-passed three trillion dollar plus budget, and how it runs counter to what they were just told.
MT| 5.14.09 @ 9:25PM
Hubris didn't do great things for Icarus, as I recall. Pelosi is sure feeling the heat right now. Just breaks my heart to watch these fascist libs squirm. lol
Pingback| 5.14.09 @ 10:29PM
Duh! « Sterling James Estates links to this page. Here’s an excerpt:
Becky| 5.15.09 @ 7:34AM
Like Tom Selleck reading Sports Illustrated to the little baby in the movie, it's not what you say, but how you say it.
Obama tends to lecture when he is saying the opposite of what he is doing.
When he gets the preacher/teacher man voice going, you can almost bet, he's either doing or planning on doing the opposite. It must make his followers turn inward on themselves in some kind of shameful way, deflecting scrutiny on his own behavior.
Tim| 5.15.09 @ 11:06AM
Dr. Egon Spengler: I'm worried, Ray. All my readings point to something big on the horizon.
Winston Zeddemore: What do you mean, big?
Dr. Egon Spengler: Well, let's say this Twinkie represents the normal amount of psychokinetic energy in the New York area. Based on this morning's reading, it would be a Twinkie thirty-five feet long, weighing approximately six hundred pounds.
Winston Zeddemore: That's a big Twinkie.
L. Ross| 5.15.09 @ 3:23PM
Dr Ray Stantz: I tried to think of the most harmless thing. Something I loved from my childhood. Something that could never ever possibly destroy us. Mr. Stay Puft!
Dr. Peter Venkman: Nice thinkin', Ray.