But the Obama administration just keeps on spending and spending ... with the Commander in Chief talking out of both sides of his mouth.. He says this:
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.”
Yet Congress and the Federal Reserve continue to borrow and spend spend spend....
Where's "the change" Mr. Obama?
Sounds like Obama lip service to me... a quote that can be pulled out later on to say that he was against such measures. I say actions speak louder than words.
We have the same expensive war ... but different country now.
We have bailouts to the banks, the auto industry (that is going bankrupt anyway ... the government helped out the autoworkers unions and then told the company's bond holders to take a loss) and now the insurance companies (The Hartford, Ameriprise etc.) have their hands out... who's next? Newspapers and airlines??? California? Massachusetts, Michigan and New York?
Government is dictating how companies should be run, as if the federal government knows the best way to run companies. Government Central planning and micro managing does not work.
The treasury is hemorrhaging, and every American is on the hook, and we are staring at the collapse of the US dollar and hyperinflation. We as a country are at the mercy of our debt holders and we are looking to create even more debt to sellto foreign countries. What will happen when they try to dump those investments for higher yielding ones?
Meanwhile, this administration has the audacity to consider universal healthcare when we already have a system run by the government that is so utterly broken and bankrupt already.
"The programs’ trustees reported May 13 that the Social Security trust fund will run out of assets in 2037, four years sooner than forecast, and Medicare’s hospital fund will run dry by 2017, two years earlier than predicted a year ago".That is because it is the biggest Ponzi scheme in history.
Government run healthcare does not work, unless you like waiting forever to get rationed healthcare. One only has to look at the Veterans Administration hospitals to see what is in our future with government run healthcare. Sure, healthcare needs reform, but not by government.
This insane borrowing and spending spree has got to stop.
We cannot borrow and spend our way out of this mess.
Too much debt got us into this mess to begin with.
We have been producing and exporting debt, and it's time we produce and export more goods and services instead.