Cuba
Junior Member
When I read this I couldn't believe it. We, and virtually every economist in the world that doesn't work in the White House, argued that the unbelievable increases in deficit spending was completely unsustainable and would result in hyperinflation (which causes interest rates to skyrocket). The kool aid brigades once again blindly followed, arguing... well as I stated a hundred times or so, they had no real argument in favor of this policy (how could they?), they just changed the subject and stated that "Bush is bad, he did it too". Well, after getting attacked for stating that I felt very strongly that this was dangerous and stupid, that it was unsustainable, that we can't borrow indefinitely, that we are mortgaging our children's future (a quote from John McCain that the media blasted him for saying, calling it right-wing rhetoric...) and that thinking that you can drastically and permanently increase borrowing and spending to get out of a problem of too much borrowing and spending is utterly absurd, now I read this quote from our president just yesterday:
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.”
Really? Did you just figure that out sir? I think I remember someone telling you this BEFORE you put us on this kamikazee path (John McCain, every Republican in congress, every economist in the world...). He just said that his own policy to revive the economy is going to mortgage our children's future and HURT THE ECONOMY! I guess those evil Fox News brainwashers actually get it right from time to time, huh?
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.”
Really? Did you just figure that out sir? I think I remember someone telling you this BEFORE you put us on this kamikazee path (John McCain, every Republican in congress, every economist in the world...). He just said that his own policy to revive the economy is going to mortgage our children's future and HURT THE ECONOMY! I guess those evil Fox News brainwashers actually get it right from time to time, huh?
