Now He’s Worried
Obama, U.S. long-term debt unsustainable. 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.”
The article goes on to suggest somewhat obliquely Obama has a lot to do with that, noting that his budget proposal, with paltry cuts, prompted an upward revision of the deficit. Doesn’t mention the Porkulus. I like this irony-rich graph, which got buried:
The president said Americans have been hooked on their credit cards and share some blame for the current system. “We have been complicit in these problems,” he said. “We have to change how we operate. These practices have only grown worse in the midst of this recession.”
Bloomberg, constrained by an excess of journalistic objectivity, the kind that allows people reporters like to spout all kinds of nonsense with impunity, misses the irony, so here’s Instapundit, who doesn’t. Obama also gets a free-throw in his claim that his health-care overhaul is the answer to everything.
Anyway, I’m encouraged by his aha moment. Reminds me of Obama on the war, which apparently must be fought, and Obama on terrorists, who apparently must be held indefinitely and in some cases, subjected to military tribunals, and Obama on evidence of American war crimes, which apparently have been dealt with and needn’t be dwelt on any further. Doesn’t really help in this case that he hasn’t noticed his own crazy pork-laden spending, drafted by the drunken, bloated, rampaging chimp also known as Congress, is part of the problem, though. Just wait til he lets his pals in the Democratic-led Congress write him a health-care bill.
Gateway with evidence the GOP may be having it’s own aha moment. Enough with the “Democratic Socialist Party” relabeling and circular firing squads already. New ad highlights some of the abovementioned ironies.
HotAir likes it as the quote of the day andlifts the rock on some of the social justice, economic planning and wealth allocation … hey, maybe there’s a way to make that “Democratic Socialist Party” rebranding thing work. Stick around.
Powerline, wistfully, “Do you believe in magic?” Includes links that examine important issues such as, is this guy smart enough to manuever the health care bus through Washigton … sure, just like he did that Porkulus bus …
Legal Insurrection cocks an eye at the claim that health-care reforms can offset spending sprees, and that more can be less.
Posted by Jules Crittenden at 8:32 am on Friday, May 15, 2009
3 Responses to “Now He’s Worried”
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May 15th, 2009 at 9:01 am
[...] Pundit Hot Air (here and here) Jules Crittenden Stop The ACLU Share and [...]
May 15th, 2009 at 11:17 am
You may be somewhat reassured by Mr. Obama’s aha moment, but I most certainly am not. This is a man who says one thing and does another. And blaming Americans and their credit cards is just a backhanded way of saying capitalism is to blame.
May 15th, 2009 at 11:55 am
[...] George Will: Displaying the iron typewriter beneath his velvet mien calls the president and his administration “corrupt.”. Hypocritical, power-grabbing, inept and amateurish, too. We’re in terrible trouble. But at least Obama is finally a little worried. [...]