Thursday, May 14, 2009

Obama: our debt is "unsustainable"

According to 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.”

No kidding! After spending a trillion dollars of our children's money President Obama is just now coming to that conclusion?

1 comment:

Norma said...

He should know.