The Audacity of Spending Trillions … President Barack Obama: Current Deficit Spending “unsustainable” & Warned of Skyrocketing Interest Rates

 

What an Obamination … The Audacity of Spending Trillions.

Barack Obama really is the Obamamessiah, he is brilliant and all-knowing. Obama can foresee that deficit spending is unsustainable. What an intelligent, brilliant thinking mind. It is yet another Obama Epiphany. We should all just get on our knees in reverence or is it bend over?

Now for the quote of the day, possibly even the week and maybe the year. From the mouth of President Barack Obama comes the following …the 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.”

Obama_debt

H/T: Instapundit

ARE YOU KIDDING!!! Well, I see that President Obama and I finally agree on something. Deficit spending the unsustanable; however, Mr. President you are the one responsible for the deficit spending.

As discussed by the Gateway Pundit, the President who has brought the US the greatest deficit in its history, borrowing money every inch of the way actually had the audacity to tell ASU students not to take short cuts and live on credit. I guess that job is reserved for Obama, himself.

Exactly who is it that is spending like a drunken sailor with no end in sight. Exactly who is it that is looking to bailout ever private corporation, bank and auto company in an effort to put the hands of government into everything? President Obama, who is responsible for the record $1.84 trillion deficit?

Earlier this week, the Obama administration revised its own budget estimates and raised the projected deficit for this year to a record $1.84 trillion, up 5 percent from the February estimate. The revision for the 2010 fiscal year estimated the deficit at $1.26 trillion, up 7.4 percent from the February figure. The White House Office of Management and Budget also projected next year’s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously.

Two weeks ago, the president proposed $17 billion in budget cuts, with plans to eliminate or reduce 121 federal programs. Republicans ridiculed the amount, saying that it represented one-half of 1 percent of the entire budget. They noted that Obama is seeking an $81 billion increase in other spending.

This is a classic. Obama spends $ trillions and puts the US in to debt up to our eyeballs and our children’s and grand children’s eyeballs as well and now say … deficit spending bad. This is a kin to playing with matches, burning down the house and the neighborhood and then preaching the evils of irresponsible behavior of playing with matches.

He is a thought as to stop spending, wasting tax payers money and yet another reason not to have the government in charge of anything … Dead People Get Stimulus Checks.

From Hot Air … Straight, Forward and to the Point

The Obama administration’s agenda of maximizing dependency involves political favoritism cloaked in the raiment of “economic planning” and “social justice” that somehow produce results superior to what markets produce when freedom allows merit to manifest itself, and incompetence to fail. The administration’s central activity — the political allocation of wealth and opportunity — is not merely susceptible to corruption, it is corruption.



If you liked this post, you may also like these:

  • 73% of Americans Believe that Wasteful Governemnt Spending to Blame for Federal deficit
  • President Barack Obama Weekly Address, “We Need a Government That Lives Within Its Means”
  • What a Joke … Senate Fiscal Cliff Deal Will Add $4 Trillion to National Deficit
  • 58% of Americans Favor Government Shutdown Over Spending at Current Levels
  • President Barack Obama’s New Budget: $1.65 Trillion Deficit for This Year




  • Comments

    20 Responses to “The Audacity of Spending Trillions … President Barack Obama: Current Deficit Spending “unsustainable” & Warned of Skyrocketing Interest Rates”

    1. HOPE on May 15th, 2009 11:47 am

      I think the kind of change we wanted was peace and security. How can it, possibly, cost so much, especially, in the second year of his candidacy if we’re not fighting a war? These numbers are astronomical with triple deficit spending. Even in a peaceful condition, we’ll be miserable if our government is putting us in debt so deep that the value of the dollar becomes deflated and interest rates skyrocket. I think we all expected better from Obama…

      For years, we have supported China in purchasing their sub-standard products… everything from toys to lawn mowers… we’ve become a throw away society as nothing seems to last more than a year or two. While we are sickened by the oppression China’s government exercises over their people, we support their agenda by bellying up to the bar when it comes to importing their products which are produced under threatening conditions.

      How hypocritical we are to send our money overseas to a communistic regime… but, worse than that is the fact that after our money is un-wisely spent, our government has to go to them to borrow some of it back! Hopefully, somewhere in that budget is going to be money to start businesses in this country who can compete with the Chinese market so we can be free of the dependence we have on foreign countries, like China, who keep their people living in slave-like conditions with few, if any, human rights; working for companies that are run by the government.

      Someone said that it is everyone’s fault that we are in the condition that we’re in. I look around my house and see countless things that are made abroad, especially, in China. So they were right, we are responsible for our condition. But the scariest part of this whole equation is that it is China who supports many of our political enemies by manufacturing weapons and war machines that are, ultimately, used against us.

      We voted for Obama because we were searching for freedom and independence. At this rate, we will not only be financially indebted to China, we may end up being inferior to them, as well.

    2. Maggie on May 15th, 2009 12:12 pm

      I don’t agree with all the spending, but I will gladly pay my tax dollars to the blue collar workers to help them keep their jobs over bloated bankers and govt anyday. Most of the blue collar workers losing their jobs and being laid off now have no health care so its Medicaid.. and food stamps etc.and losing their homes, when they prefer a pay check and working. Every raise they give workers..the govt. comes up with more ways to spend it for them, by taxing them to death.
      Govt. is sooo of touch with the real world.

    3. Michelle Smith on May 15th, 2009 1:36 pm

      Hope

      That’s what we’ve been trying to get across. Those of us that didn’t vote for him knew this was going to happen. I’ve got news for you tho’ we will never live in a peaceful world and we are still fighting a war and probably will be for a while.

      What doesn’t make sense is for Obama to tell us that spending is bad. Well DUH! That’s what we have been bitching about all this time. Like I said all this money we are borrowing will have to be paid back. China pretty much owns us.

      And yes, we are all guilty of buying foreign made products Even if you buy something that says made in the U.S.A. some of it’s parts came from over seas so we are still buying from them.

      We do need more companies in America to build better products but it’s not competitive with others because of their child labors & slave labors they can make their products cheaper. It’s an endless cycle really.

      I, like most everyone have things that were made in China, Japan, Korea, etc. etc. but I did buy a Ford (supposed to be American made anyway) but when Toyota & Honda can build cars that last longer & get better gas mileage, people buy them instead of the American cars and usually they are cheaper as well.

      I would like to see things change and move away from buying things made overseas, tougher regulations on importing. Maybe that will help, but something needs to be done, too many companies are taking their business elsewhere and it hurts everyone.

    4. Rusty Bridges on May 15th, 2009 2:04 pm

      NOW HE GETS IT? AFTER HE SPENT ALL OUR MONEY, GREAT!

    5. JustaMommy on May 15th, 2009 4:01 pm

      Wow!! What has happened to open his eyes to the reality we have been seeing all along? WTF?

    6. oigeli on May 15th, 2009 4:01 pm

      Obama – Is Change Coming? http://ping.fm/Sp1ym

    7. St Stephen on May 15th, 2009 7:56 pm

      The change I want to bear witness to is President Obama’s promise to make it unprofitable for businesses to move their factories overseas(or outside the USA) and give generous tax breaks to those entrepreneurs that open up manufacturing and other businesses here.

      The best way to curtail unemployment, of course, is to have people working here, not there.

      It is time for the un-American capitalists to become American capitalists and support our country instead of sucking the employment opportunities from her.

      Should the president ever have the courage to see this commitment through, we will come a long way toward recovery.

      With all the money that we have given these companies, I would venture to guess that the CEO’s forgot the meaning of the word “laissez-faire”. A great concept that served us well.

      And now these abject failures that call themselves executives(those who want 7 figure bonuses for bankrupting their company) want welfare, not unlike the welfare queens during Reagan’s term driving Cadillac cars, which he addressed. We sure could use some of that philosophy today.

    8. katablog.com on May 16th, 2009 8:33 am

      Hope: The US continues to fight a war – O is just changing the location from Iraq to Afghanistan!

      Buying good from China is not what got us where we are. Spending money we don’t have is what has put us into debt, in this case to China since they were the ones willing to loan it.

      Liberals like to talk about Bush running up the deficit but fail to recognize that O has quadrupled our deficit in a mere 100 days! And then he dares to lecture the American people about spending? How hypocritical!

      But wait and see, O’s lecture is merely a prelude to raising taxes. And don’t expect business start-ups in the USA – O’s making sure the economic and tax environments are very anti-business. Between new taxes on business and cap & trade raising costs of energy to astronomical new heights – there will be a lot of businesses ending and none starting.

    9. dennisintn on May 16th, 2009 12:02 pm

      the only part presidents obama/soros “gets” is that the public is sick and tired of his spending ways. he’s sounding like mccain/palin in his speeches now, but i guarantee you he’s not slowing down his spending ways.
      dennisintn

    10. Maggie on May 16th, 2009 12:13 pm

      St Stephen on May 15th, 2009 7:56 pm
      The change I want to bear witness to is President Obama’s promise to make it unprofitable for businesses to move their factories overseas(or outside the USA) and give generous tax breaks to those entrepreneurs that open up manufacturing and other businesses here.

      The best way to curtail unemployment, of course, is to have people working here, not there.

      It is time for the un-American capitalists to become American capitalists and support our country instead of sucking the employment opportunities from her.

      Should the president ever have the courage to see this commitment through, we will come a long way toward recovery.

      With all the money that we have given these companies, I would venture to guess that the CEO’s forgot the meaning of the word “laissez-faire”. A great concept that served us well.

      And now these abject failures that call themselves executives(those who want 7 figure bonuses for bankrupting their company) want welfare, not unlike the welfare queens during Reagan’s term driving Cadillac cars, which he addressed. We sure could use some of that philosophy today.

      amen
      __________
      SM: However, when products are made overseas they are sold in the US for a price that Americans can afford. Thus a family can spend their hard earned $’s more wisely.

      The economy is International and there is nothing that will ever change that. One certainly does not want to become an isolationalist.

      The fact of the matter is there is no such thing as a business tax. None. Any tax placed on a business or a perk taken away will be then transferred to the consumer. Thus, any business tax is a consumer tax as cost of business.

      R

    11. Maggie on May 16th, 2009 4:58 pm

      Obama promised the union to work on the trade agreements to make them fair, free trade agreements. I agree with Stephen, our govt. needs to work on keeping jobs here, not making it cheaper, and easier to move to another country, where they can work much much lower safety standards, govt. health care, lower taxes, and much lower wages. Of course we can’t operate in isolation. No country can. I live in a state that has been hit hard by the car industry stuff going on..and Ohio is suffering big from it too. I wish they would work on keeping more jobs here..

      My son has been back and forth to Detroit with all this car stuff many times. Michigan has really been hit hard by all this mess in terms of job loss.

      Like some of the companies that come here are given cheaper land deals, just to come here and open down south. China has much lower safety standards for their workers, free health care.. GM is selling bigtime in China..last I knew it was about number 1. Some of the parts are made by workers in work camps. They don’t have all the safety standards on their cars. Read a story on here about North Korea and their horrid work camps, entire families put in them for political reasons.. Women included, they kill the babies if the women are pregnant.. and live on snakes and rats, sleep on floors etc..and many of the things they make are taken to China..for China to sell for them. South Korea only allows very few cars from the USA in their country while importing many manyyy more and on and on..

      Something is wrong for sure..because we keep outsourcing jobs for american workers to other countries. Blue collar workers are my heroes, including the farmers. Watched a show on PBS one night about Cleveland, Ohio and how it is becoming a ghost town and used to be one of the biggest for manufacturing etc. It’s easy to look around and see the “BIG” guys have had all the breaks, I am just wanting some for the “LITTLE” guys who work the 12 hour shifts.

      Wasn’t it Newt Gingrich who said businesses here pay the highest taxes except for Ireland.? I’m not sure. It was during the election.

      If the govt. runs the companies like they have the govt.. we can only watch it go further downhill.

    12. St Stephen on May 16th, 2009 5:19 pm

      #10 Maggie – Thanx

      #10 SM-

      I understand that we cannot be isolationist. We cannot be unemployed either. Therein lies the rub.

      I do not mind accessing import duties(NOT business tax) upon those that chose to place their factories outside of our boundaries(still can’t comprehend why my tax dollars actually paid for some of them moving out!), and I support HUGE tax incentives to those who choose to maintain and/or build their plants and factories here. That is all I am saying.

      Isolationism has nothing to do with it. Nor do I enjoy the prospect of a one-world government. I have enjoyed the blessings of this country for too long to succumb to any international pressure.

      Your take on business tax is straight out of President Reagan’s platform. I appreciate that. That being said, however, we need to reward Americans who stay here and help our country grow. I have no confidence in those who turn their backs on us.

      By the way, I heard that the Red Chinese pulled another gaffe(boo-boo?) when they were manufacturing a toy or something of that nature and had printed on the package LEAD FREE – problem was that when it was tested(here) it HAD LEAD PAINT!! I attribute this to onscious,criminal activity. Will the culprit be punished? I don’t know. I would like to know whether a Chinese company or ex-patriate company owns that plant though. I guess we will never know, I’ll bet.

    13. HOPE on May 16th, 2009 6:35 pm

      Personally,

      I hope he turns this laborious way of paying taxes simple with a Federal Sales tax. That way, we don’t only tax our citizens, we tax our visitors. Ofcourse, certain purchases should be exempt as a tax incentive.

      .

      Katablog:

      Yeah, I know…

      That’s what started this whole thing in the first place. We’d better not bomb them too much, or we’ll be re-building the damage OR living under the threat of terrorism…. Bin Laden style.

      :)

    14. Chutzpah « The American Catholic on May 17th, 2009 5:27 am

      [...] “Exactly who is it that is spending like a drunken sailor with no end in sight. Exactly who is it tha…“ [...]

    15. Justen on May 17th, 2009 6:05 am

      Don’t forget to place equal blame on the previous administration for the 2+ trillion they handed out that we still have not been given specifics on (not to mention the rest of the massive handouts and budget increases the engineered). Remember we’re looking at two corrupt and insane parties blowing our future, subsidizing private losses with public money and subsidizing private profits with more public money. This isn’t all Obama’s fault, he’s just proving to be part of the problem instead of part of the solution he promised.
      ___________-
      SM: However, the buck stops with Obama right now. He does not get the pass of blaming all the contries ills on GWB. It’s time for The One to put on his big boy boxers.

      The comparison is, GWB put a whole in our boat and Obama’s idea of fixing the sinking ship is making the whole 4 x’s bigger.
      R

    16. St Stephen on May 17th, 2009 8:09 am

      #15 SM

      Re the comparison, it sure looks that way.

    17. katablog.com on May 17th, 2009 8:17 am

      Hope: You can hope all you want for a change in the tax system (as I would want also) but Mr. HopenChange and just about every other politician ain’t gonna do it. Why? Because with a flat tax you can’t control groups of people and institute a class warfare. You can’t “redistribute the wealth” if you tax everyone on purchases only.

      One thing people need to see is that the tax system is now what it was never meant to be – a way for Government to spend whatever they want when ever they want. The Government is the only entity that doesn’t have to live within its means. If they want something (like the health care we can’t afford – but that’s not my only objection to it), they simply spend the money and then tax the people.

      Anyone who doesn’t realize the O is going to tax the wahjeebees out of those who actually work for a living, hasn’t been paying attention. Again, that’s what he’s leading up to with his latest lecture about spending.

    18. katablog.com on May 17th, 2009 8:25 am

      Why I’m against nationalized healthcare: Having been a military wife and experienced government style healthcare for 26 years, I’m against the government taking over healthcare because I understand their “cost/benefit” system.

      For example: in my younger life I had terrible allergies twice a year. We finally found a medicine that would control my allergy outbreaks that always ended with asthma attacks and then pneumonia. Within 6 months of this discovery, the military healthcare system ruled that I could no longer have this medicine because it was too expensive – only active duty military would have it. Therefore, I had to experience asthma attacks and pneumonia twice a year because the medicine that prevented it was too expensive. I then had to be given an antibiotic that didn’t work for 2 weeks before they would allow me to have the antibiotic that did work – again, because of expense.

      People need to realize that universal healthcare means cost/benefit studies that rule what can and can’t be treated and how it can/can’t be treated. These determinations have nothing to do with what is best for a patient but rather what saves the government money – and only in the short run.

      It will also allow the government to dictate whether you can smoke, eat certain foods, ride motorcycles, and engage in other “risky” behaviors.

    19. Maggie on May 17th, 2009 2:55 pm

      Last time my son went to Detroit, was before Chrysler filed bankruptcy.. Went for a week.. and guys came in and tried to get them to go back and cut worker’s pay $5 an hour, among other things.. and they refused. The guys packed up and left. Place where my son is..workers make between $11 and $15 an hour.. That would be 6 bucks an hour or 9..with the cuts. 2 years ago when they did their new contract, they cut worker’s hours by a half hour, cut pay, raised copay on healthcare.. Unemployment is $390 a week.. can make more not working, but that is what the workers want..they prefer to be working. They have been told to prepare for a 2 month shut down..perhaps longer especially if GM goes bankrupt.Perhaps even close. If they go in NY..Chrysler already has that tied up with theirs.

      When Govt. was suppose to be monitoring the banks, they were turning a blind eye aka Freddie Mac and Fannie Mae.and the others.. see where that went. We will all be paying for years to come bigtime for their good job.. So who has any confidence when they start trying to run other businesses here? not me..

      Tim Geithner is a joke..

    20. Scott on May 18th, 2009 8:51 am

      OBAMA HAS QUADRUPLED THE DEFICIT IN HIS FIRST 100 DAYS THAN BUSH DID IN 8 YEARS!

      Dope – the change you speak of is NOT the change that Obama campaigned on…He duped all you suckers who he mesmorized with his “SAVE THE WORLD” “I AM THE MESSIAH FIXER OF ALL” speeches.

      The change he was talking about was the change he is stealing from OUR CHILDREN whom he supports killing in the late term or he would NOT have hired the new DHHS secretary that has deep ties with a late term abortion monster in Kansas!

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