Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates

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.” Read More

I’m beginning to think that we have a sick in the head president that needs to see a crazy doctor! The man is completely out of his mind, he spends our tax money like there is no tomorrow and then says deficit spending unsustainable! So why don’t you quit spending Obama? Call the doctor someone, Obama needs one!

3 comments on “Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates

  1. He’s just softening brains and cuing the pro-regime media to call for some big tax hikes.

  2. Here you go. The last bond auction went badly for the schnorrers at Treasury. No one wants to lend them money cheap. Therefore, about a week later, Barky starts talking about what a fix we’re in and how interest rates will skyrocket. The alternatives to borrowing, natch, are cutting spending, which he’ll never bring himself or his party to do, or raising taxes. Get ready for some more taxes, sooner than the left dreamers had expected.

  3. Btw, Here’s a good explanation, by Dan Mitchell, the Cato Institute’s shamwow guy, of how Barky’s proposed changes to the tax treatment of US firms’ overseas profits will put yet more hurt on job creation. About 9 minutes.

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