Obama thinks the U.S. is too much in debt

**The Real Bingo** · May 15th, 2009, 10:56 PM

Obama Says U.S. Long-Term Debt Load â€˜Unsustainableâ€™ (Update2) - Bloomberg.com

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.”

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.

Hhhhhmmmmmmmmmmmmmmmmmmmmmm....................... .................................................. .............................................

I guess I'm the only one who thinks: is this guy serious?

What he's really saying in liberal speak is: "I'm not going to stop pushing through my health care fiasco or any other social programs...I'm just going to raise taxes."

**-FMA** · May 16th, 2009, 01:48 AM

Well that's obvious enough. What I'd like to see is a real solution.

**Atomic Rooster** · May 16th, 2009, 02:13 AM

Originally Posted by -FMA

What I'd like to see is a real solution.

We would all like to see a real solution. Unfortunately, Obama and his group of merry pranksters don't have any.

**Black*Dragon** · May 16th, 2009, 02:17 AM

Originally Posted by The Real Bingo

Obama Says U.S. Long-Term Debt Load â€˜Unsustainableâ€™ (Update2) - Bloomberg.com

Hhhhhmmmmmmmmmmmmmmmmmmmmmm....................... .................................................. .............................................

I guess I'm the only one who thinks: is this guy serious?

What he's really saying in liberal speak is: "I'm not going to stop pushing through my health care fiasco or any other social programs...I'm just going to raise taxes."

You are wrong sir. He had an economic crisis, he put forward bills that puts us 9 trillion in debt.

This money was immediately needed to stimulate
the economy.

Why has only 4% of that money been spent?

Why? We were in a big hurry right?

I am soooo confused.....we were in the most dire of circumstances.....

Damn sky looks like it may fall.....

Cloudy days are ahead.

I will remind you of the progressive economic philosophy........you spend money with an ultra high interest rate to make money

I am so fricking confused.

Massive debt is the plan and borrowing money at loan shark rates is the plan...

BUT why borrow money just to pay a very high interest?

I am so confussed....

My AirForce needs to replace 30+ year old 15's&16's

My Army must have a fuel effective MAIN BATTLE TANK. OOOOPs i

Perhaps we can move 60 tons in an environmentally way.......

Can you imagine a 60 ton tank doing 55 on the freeway? IT MUST BE ABLE TO MOVE FAST. Stinking gas turbine.

**tony_j15** · May 16th, 2009, 02:48 AM

when that ^^^ learns to post coherently, let me know.

Bingo, the irony is ridiculous, eh? First he says, "we gotta spend more!" and then he turns around and says "oh, btw, we're f'kn broke."

**Black*Dragon** · May 16th, 2009, 03:10 AM

when that ^^^ learns to post coherently, let me know.

I will when our spending policies are.

In the mean time we have 2" guppies to save at a loss of millions in produce.

**The Real Bingo** · May 16th, 2009, 08:21 AM

Originally Posted by Black*Dragon

You are wrong sir. He had an economic crisis, he put forward bills that puts us 9 trillion in debt.

This money was immediately needed to stimulate
the economy.

Why has only 4% of that money been spent?

Why? We were in a big hurry right?

I am soooo confused.....we were in the most dire of circumstances.....

Damn sky looks like it may fall.....

Cloudy days are ahead.

I will remind you of the progressive economic philosophy........you spend money with an ultra high interest rate to make money

I am so fricking confused.

Massive debt is the plan and borrowing money at loan shark rates is the plan...

BUT why borrow money just to pay a very high interest?

I am so confussed....

My AirForce needs to replace 30+ year old 15's&16's

My Army must have a fuel effective MAIN BATTLE TANK. OOOOPs i

Perhaps we can move 60 tons in an environmentally way.......

Can you imagine a 60 ton tank doing 55 on the freeway? IT MUST BE ABLE TO MOVE FAST. Stinking gas turbine.

I don't know if you're being facetious or not, but your words are entirely incorrect. The money hasn't done anything and unemployment is still going up. Businesses are still closing down. GM and Chrysler are still going to go into bankruptcy. Only the dimmest around the country couldn't see this coming, and some still believe it'll work.

Well, we're a couple trillion dollars poorer than we were a few months ago and nothing is any different.

And yes, the irony is incredible, Tony...so incredible that only an Obama voter wouldn't recognize it.

**pickel** · May 16th, 2009, 09:17 AM

Originally Posted by The Real Bingo

And yes, the irony is incredible, Tony...so incredible that only an Obama voter wouldn't recognize it.

That comes awfully close to be an outright prejudicial statement Bingo

Why exclude the McCain/
Miss Piggy voter. They were duped just as much. The political parties only want to W I N. They don't give a phuck about our country or us, man. Obomba is a tenth rate Rainmaker(Bill Starbuck) ( As in the Burt Lancaster movie)

http://en.wikipedia.org/wiki/The_Rainmaker_(1956_film)

Got $ 100.00 Bingo???

The Rainmaker (1956)

**Chuckiechan** · May 16th, 2009, 10:10 AM

I think Obama's got a couple of screws loose, but he's obviously dropping a "hint" that more taxes are on the way - of course it will land on someone other than you...

His budget's income and expense projections are pure fantasy, and he is being called out on it and he can't defend it.

He is using momentum and a docile press to keep pushing to get as much radical change as he can before his policies reach "the kitchen table".

Right now, if you aren't part of the 8.2% unemployed, you probably feel ok. As inflation steals your paycheck, or you lose your job, the world of "change" is going to be much more crappy.

Obama has to move fast before you see 11% unemployment which is about right for the deficit load, tax increases, and higher interest rates heading our way.

Momentum is half the battle!

**Toadman** · May 16th, 2009, 02:08 PM

Chuck's right. His momentum and current popularity have given him a window of opportunity to effect changes that normally would be debated or discussed before congress. His love-fest with the populace has given him carte-blanche to do whatever he wants when he wants. Many would say he is being reckless with the Presidency, a bull in a china shop. But that window of time is small as reality sets in.

George Bernard Shaw: "The powers of astute observation are often mistaken as cynicism by those who do not possess powers of astute observation."

**Creatures** · May 16th, 2009, 02:18 PM

IMO with or without bailout the economy would have gone down the well but i think without the bailout it would last longer and hit harder

we cannot judge something as unpredictable as the economy, we have to wait and see what happens.

what we have is only things that happened in the past and try to do it better or the same as we've seen, the problem is this is a new problem where there is no solution at hand

IMO national debt is better than banks going down and taking ALL those who have money there with them

sure i dont agree with everything he did, but hopefully it will work because we can not undo it.

Creatrures

**Atomic Rooster** · May 16th, 2009, 02:23 PM

I think you missed the point Creatures.

Here's the CliffsNotes:

Obama increases deficit spending to record levels never before seen in the history of the United States.

Obama now declares that current deficit spending is “unsustainable” and warns of skyrocketing interest rates.

Obama can't have his cake and eat it too.

**Creatures** · May 16th, 2009, 02:35 PM

current deficit spending is “unsustainable”

he didnt say the dept is unsustainbale, he said spending is. which hopefully means he will stop spending.

Creatures

**Atomic Rooster** · May 16th, 2009, 02:46 PM

Originally Posted by Creatures

he didnt say the dept is unsustainbale, he said spending is. which hopefully means he will stop spending.

Creatures

If you believe that, I have a bridge to sell you. I'll make you a really nice deal on it.

**Toadman** · May 16th, 2009, 03:49 PM

Yeah, how's that Hope and Change working out for ya? Let us know when the hand-off of responsibility from Bush occurs, ok?

Obama increases deficit spending to record levels never before seen in the history of the United States.

Postponing the inevitable. You can't spend or tax your way back into prosperity.

Obama now declares that current deficit spending is “unsustainable” and warns of skyrocketing interest rates.

Well duh! His economic advisers told him what all fiscal Conservatives know is coming.

God I wish we had Ron Paul as POTUS now.

**EXreaction** · May 16th, 2009, 05:41 PM

You know, it's going to take more than a few months to go through a 3.5T budget. You can't just wake up one day and decide you are going to go through everything and stop unnecessary spending.

Even if healthcare is going to make our taxes go up...guess what? That means the price of our insurance will go down, certainly more so than our insurance premiums (we spend what, 4-5x as much for healthcare on average more than anyone else in any other nation and we are the only first-world nation without UHC. Kinda makes you wonder why we pay so much, still have 45%+ people without any healthcare, and nobody else has the same kind of system we do).

**Atomic Rooster** · May 16th, 2009, 06:21 PM

Originally Posted by EXreaction

Kinda makes you wonder why we pay so much, still have 45%+ people without any healthcare, and nobody else has the same kind of system we do).

Not at all. One needs to remember that were the only free nation in the world with legions of lawyers ready to sue the doctors for every little mistake they may make. Also consider that your claimed 45%+ of people who don't have insurance contain a great many that choose not to have it.

America's Uninsured - Capital Commerce (usnews.com)

**EXreaction** · May 16th, 2009, 08:21 PM

You wouldn't think that maybe the reason people choose not to have it is because it's so damned expensive would you? Paying $10 per day when you've not been to a doctor at all in 3+ years and only visited a dentist once in 3 years seems a little bit insane.

I've heard enough crap about some doctors that I think they should be liable for some things they do, like when they say everything was fine and don't look into things further or recommend another specialist even when someone is ill or in pain.

Simple tests in many cases would prevent a lot of issues later on and in some cases could have prevented a death. A single health records system would help a lot of that too, but for some reason people are completely against that even though it probably could save thousands of lives and millions or billions of dollars each year.

**The Real Bingo** · May 16th, 2009, 08:24 PM

Originally Posted by EXreaction

You wouldn't think that maybe the reason people choose not to have it is because it's so damned expensive would you?

I'd venture to guess that they'd still choose to not be insured over having to pay more in taxes for a government system. Of course you can say "taxes won't be raised!"...well, then Mr. Obama will just be perpetuating this problem that he thinks is so important.

Funny how people can support a government system when there is evidence they can't manage any sort of insurance (SS and Medicare).

**EXreaction** · May 16th, 2009, 08:49 PM

I find that highly unlikely. If UHC would be brought in it should cost substantially less as can be seen by other nations with UHC. Even a 50% reduction and we'll be spending pretty much the same as the next highest spenders in healthcare AND it'll cover everybody.

Yes, taxes would need to be raised for UHC, but it'll still cost a hell of a lot less than private insurance and people can get on to be more productive with their lives instead of worrying about what would happen if they break their leg, get seriously ill, etc.

Last I checked, SS and Medicare spent pretty close to 100% of it's costs on what it was supposed to. There are not people sitting at the top making tens or hundreds of millions each year off of it like private insurance companies do.