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!