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May 15, 2009

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

Posted in: Barack Obama,Corruption,Economy,Government,Obamanation,Obamanomics,Politics,Pork,Taxes,WTF

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.”


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.

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