If I told you that I saw the headline “Obama Says U.S. Long-Term Debt Load ‘Unsustainable'” I bet you would think that I was quoting from the Onion.
No, believe it or not, this appeared on Bloomberg.com.
Obama Says U.S. Long-Term Debt Load ‘Unsustainable’ (Update1) http://www.bloomberg.com/apps/…
By Roger Runningen and Hans Nichols
May 14 (Bloomberg) — 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.”
Incredibly, Obama is raising the issue of the national debt to justify … more spending! This time on healthcare.
I’ll file this one under: Obama, Barack–Audacity thereof