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!

Caterpillar slashes jobs despite stimulus

Caterpillar Inc. of Illinois on Tuesday announced nearly 2,400 layoffs despite President Obama using his home state’s company as an example of a struggling manufacturer that would benefit from his economic stimulus plan and save jobs.

The new round of job cuts will span five plants in Illinois, Indiana and Georgia, and follows the January news that Caterpillar would slash 22,000 people from its 112,000-person workforce.

Mr. Obama hosted an event in support of his stimulus plan at the company’s Peoria, Ill., headquarters in mid-February, saying the $787 billion stimulus would be “a major step forward on our path to economic recovery.”
Read More

Obama spending billions of tax payers money and the economy is getting worst. He can not seem to understand that we can not spend our self out of this crisis!

LINKS:

(1) “People feel uncommonly saddened, miffed and burned.”