Bloomberg carries this article:
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.”
I'm struggling to think of an apt metaphor here. Like a wife beater giving a lecture on the importance of mutual respect, an unrepentant junky burglar leading a DARE brainwashing session, an embezzler harping on accuracy in accounting. Is this a case of Dr. Strangelove Syndrome? Does this man not remember signing away $9.3 trillion for the next decade in his gotta do it right away can't stop to debate pass it right now fervor?
These reporters are going to share in the catastrophe of this spending. It eludes me why they still have shoes on their feet, when, as the last disaster to fill the Oval Office discovered, shoes make such a great method of instantly expressing disapproval during a president's speech. In a sane, rational, honest world, Barack couldn't stand up there without being pelted by every available loose object at hand.
The president pledged to work with Congress to shore up entitlement programs such as Social Security and Medicare and said he was confident that the House and Senate would pass health-care overhaul bills by August.
Exactly how are they going to "shore up" these programs? Exactly how are they going to fund the "health-care overhaul bills"? More deficit spending!
Wow. Just, wow.