Barack Obama is warning us about our debt load, as if our massive debt just magically appeared one day. He is the one who is responsible for our outrageous debt load. He is the one who demanded the porkulus bill and the massive budget filled to the brim with 9,000 earmarks that drove up the budget deficit to a level that is four times last year’s record.
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.”
The president pledged to work with Congress to shore up entitlement programs such as Social Security and Medicare and said he was confident that the House and Senate would pass health-care overhaul bills by August.
“Most of what is driving us into debt is health care, so we have to drive down costs,” he said.
What a joke. Obama sends our deficit and debt levels into the stratosphere, and he has the nerve to actually lecture us about how dangerous that is. That is what the tea parties were all about. Hundreds of thousands of Americans took to the streets on April 15 to protest the outrageous spending the government has been doing under his watch, and what was his reaction? He ridiculed them. Then a few weeks later he goes to New Mexico and delivers a lecture about how irresponsible it is to spend money we don’t have. The gall.
Now that he has put us into the untenable position of having to borrow so much from China, he turns around and says we have to shore up health care. That means the government will spend even more money we don’t have to meddle in our lives.
For more on Obama’s deficit spending be sure to read Michael’s post here.
Update: Jim Hoft at Gateway Pundit tells us that Obama told ASU graduates in his commencement speech to not live on credit.