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#1 Obama Says U.S. Long-Term Debt Load ‘Unsustainable’05-15-2009, 10:51 AMObama Says U.S. Long-Term Debt Load ‘Unsustainable’
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.”
Welcome back, Carter.I feel that once a black fella has referred to white foks as "honky paleface devil white-trash cracker redneck Caspers," he's abdicated the right to get upset about the "N" word. But that's just me. -- Jim Goad
05-15-2009, 10:54 AM
Old Nealz Nuzes take on it-
PrezBO says that the current rate of deficit spending by the federal government is "unsustainable." He says interest rates are going to go up for US consumers. Why? Because the government is competing with the consumers to borrow money. High demand, lower supply = higher cost. For those of you educated in government schools, this means higher interest rates. Obama's projected deficit for this year alone is over $1.8 trillion dollars.
:Do not take life too seriously. You will never get out of it alive.
” I wondered why the rock was getting larger. Then it hit me.
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