Read between the Lines of Obama's warning
In his town hall meeting at a New Mexico high School, the President had the following to say.
Current spending is “unsustainable,” and 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.”
So then why is it he is leading the most careless financially irresponsible Congress in history? With what amounts to pennies on the dollar budget cuts in his own budget on things that are really insignificant. This man has the nerve to tell Americans we spend to much and will have to find ways to pay for it. That those who loan and are backing careless spending can no longer support wasteful spending.
Those who are holders of U.S. debt will eventually “get tired” of buying debt. This will cause interest rates on everything from auto loans to home mortgages to increase. “It will have a dampening effect on our economy.” said Obama.
Gosh is that not what part of the "home mortgage" problem was. People got in over their head and could not afford the monthly payments.
Earlier this week, Obama's own administration revised the budget estimates and raised the projected deficit for this year to a record $1.84 trillion, up 5 percent from the February estimate,(but remember this was inherited from Bush. YEAH sure , right, LMAO). The revision for the 2010 fiscal year estimated the deficit at $1.26 trillion, up 7.4 percent from the February figure. The White House Office of Management and Budget also projected next year’s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously. All of this is Obama and his socialist approach to economics. He can not lay the blame for this on anyone but himself.
“It’s time for reform that’s built on transparency, accountability, and mutual responsibility, values fundamental to the new foundation we seek to build for our economy,” said Obama.
Yet we do not see any transparency from this administration at all. He holds more closed door meetings and misdirection press conferences then any President in history. This man shirks his claim that the "buck stops here". Just look at how he is trying to separate himself from the release of the Iraqi war prisoner pictures. By not being a stand up man and using his executive authority to prevent the release of these pictures. He has left it up to a Attorney General who has a clear bias in favor of our enemies interests over Americas. (the Law firm that represents and will represent the Gitmo prisoners)
Bottom line here is simple. While out of one side of his mouth he talks of a reduction in spending. While the other side of his mouth is increasing the spending of this ever growing government. The only way to pay for this debt is to raise taxes on the American people.