Obama Says U.S. Long-Term Debt Load ?Unsustainable?

[misle]

Link

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.

What the hell? This coming from the guy who is borrowing $0.46 for every $1.00 spent in his budget... Is anyone else just baffled by this?

 

[cubeless]

why the puzzlement?

how you fix this is by taxing internally, instead of borrowing externally...

 

[blackangst1]

Nah. I havent seen anything that suggests he PLANS on continuing the current level of spending. HOWEVER....

We havent had a federal budget decrease from one year to the next since 1932, and I dont see Obama doing it. We will continue to see escalated federal spending. Which means really only one thing-increased taxes at some point.

 

[Genx87]

Originally posted by: misle
Link

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.

What the hell? This coming from the guy who is borrowing $0.46 for every $1.00 spent in his budget... Is anyone else just baffled by this?

Did you get this from The Onion? He raises deficit spending through the roof then calls it unsustainable? lmao

What did he pickup how an economy works for dummies book iin Jan and just turn to this page today and have an epiphany?!?!?!?!?!

 

[Slew Foot]

One Big Ass Mistake America

But dont worry, that 5 cent sugar tax on soda drunk by families making over 250K will pay for it. Or so the sheeple believe

 

[nageov3t]

can't we just give the deficit a bailout? seems to be the fix for everything else.

 

[blackangst1]

Originally posted by: Slew Foot
One Big Ass Mistake America

:laugh::laugh::laugh::laugh::laugh::laugh:

 

[ayabe]

He's been saying this all along, everyone knows we can't sustain this level of spending up for the long haul.

Durrrr

 

[Slew Foot]

Originally posted by: ayabe
He's been saying this all along, everyone knows we can't sustain this level of spending up for the long haul.

Durrrr

Change "spending" to "deficit", while watching your taxes rise with inflation.

 

[OCGuy]

Originally posted by: cubeless
why the puzzlement?

how you fix this is by taxing internally, instead of borrowing externally...

Why dont you send more of your money to the government voluntarily?


I hope Obama taxes the crap out of everyone in a recession. :thumbsup:

 

[ayabe]

Originally posted by: Slew Foot

Originally posted by: ayabe
He's been saying this all along, everyone knows we can't sustain this level of spending up for the long haul.

Durrrr

Change "spending" to "deficit", while watching your taxes rise with inflation.

Nah, I'll stay on the informed side of the fence, he's been saying this all along and trying to spin it otherwise is just hackery.

 

[Moonbeam]

Originally posted by: ayabe

Originally posted by: Slew Foot

Originally posted by: ayabe
He's been saying this all along, everyone knows we can't sustain this level of spending up for the long haul.

Durrrr

Change "spending" to "deficit", while watching your taxes rise with inflation.

Nah, I'll stay on the informed side of the fence, he's been saying this all along and trying to spin it otherwise is just hackery.

/thread

 

[frostedflakes]

wait, what? Is this a joke? 😕

I keep on hoping that the White House has a plan, some trump card that they're waiting to pull out. Maybe they intend to inflate away our debt?

 

[retrospooty]

Originally posted by: misle
Link

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.

What the hell? This coming from the guy who is borrowing $0.46 for every $1.00 spent in his budget... Is anyone else just baffled by this?

What is your confusion? YEs, he is aware its unsustainable. The problem now is the economy and the toxic mortgage situation. Bailouts and stimulus HAD to be done to avoid massive depression.

You guys act like Obama spent all this money for the hell of it. It was neccesary given the circumstances.

With that said, once this is over, he damn well better get his ass in gear on balancing hte budget - far beyond the current estimates.

 

[Slew Foot]

Originally posted by: ayabe

Originally posted by: Slew Foot

Originally posted by: ayabe
He's been saying this all along, everyone knows we can't sustain this level of spending up for the long haul.

Durrrr

Change "spending" to "deficit", while watching your taxes rise with inflation.

Nah, I'll stay on the informed side of the fence, he's been saying this all along and trying to spin it otherwise is just hackery.

And so what is the dear leader doing to counteract the situation? Starting more government programs? Nationalizing healthcare? Maybe he should talk to someone with the power in the government like the President... oh wait..

 

[Mursilis]

Originally posted by: ayabe

Originally posted by: Slew Foot

Originally posted by: ayabe
He's been saying this all along, everyone knows we can't sustain this level of spending up for the long haul.

Durrrr

Change "spending" to "deficit", while watching your taxes rise with inflation.

Nah, I'll stay on the informed side of the fence, he's been saying this all along and trying to spin it otherwise is just hackery.

Yes, he has. You're absolutely right. But what has he done about it?!? Besides those proposed cuts he had his cabinet prepare (<1%? Big deal!), he hasn't actually done much to address this huge issue.

 

[Genx87]

Originally posted by: retrospooty

Originally posted by: misle
Link

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.

What the hell? This coming from the guy who is borrowing $0.46 for every $1.00 spent in his budget... Is anyone else just baffled by this?

What is your confusion? YEs, he is aware its unsustainable. The problem now is the economy and the toxic mortgage situation. Bailouts and stimulus HAD to be done to avoid massive depression.

You guys act like Obama spent all this money for the hell of it. It was neccesary given the circumstances.

With that said, once this is over, he damn well better get his ass in gear on balancing hte budget - far beyond the current estimates.

The bank bailouts last Fall adverted a great drepession if we were going have one. The stimulus bill wont start showing up in any meaningful ways for another 12 months and his budget increased over Bush's by 500 billion. Now I remind you this is before he gets to tackling health care nationalization and cap and trade.

So excuse me while I find it utterly amusing he is warning us about long term debt while he piles it up faster than anyone in history.

 

[alphatarget1]

Change I didn't believe in.

 

[feralkid]

Originally posted by: misle
Link

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.

What the hell? This coming from the guy who is borrowing $0.46 for every $1.00 spent in his budget... Is anyone else just baffled by this?

Get a clue? Of course it is unsustainable, that is why it must eventually be paid off.

It's not rocket science.

 

[Jaskalas]

Originally posted by: misle
Obama Says U.S. Long-Term Debt Load ?Unsustainable?

Does President Obama care to explain what he is going to do about it?

 

[WhipperSnapper]

Well, duh!

 

[Mursilis]

Originally posted by: Jaskalas

Originally posted by: misle
Obama Says U.S. Long-Term Debt Load ?Unsustainable?

Does President Obama care to explain what he is going to do about it?

I think he's just pointing out the problem for the next president to solve.

 

[MotF Bane]

Originally posted by: Mursilis

Originally posted by: Jaskalas

Originally posted by: misle
Obama Says U.S. Long-Term Debt Load ?Unsustainable?

Does President Obama care to explain what he is going to do about it?

I think he's just pointing out the problem for the next president to solve.

"I propose that by 2020, we will have crafted a balanced budget..."

 

[feralkid]

Originally posted by: Jaskalas

Originally posted by: misle
Obama Says U.S. Long-Term Debt Load ?Unsustainable?

Does President Obama care to explain what he is going to do about it?

Why don't you find out and get back to us, since the Bloomberg article did not elaborate?

 

[Mursilis]

Originally posted by: feralkid

Originally posted by: Jaskalas

Originally posted by: misle
Obama Says U.S. Long-Term Debt Load ?Unsustainable?

Does President Obama care to explain what he is going to do about it?

Why don't you find out and get back to us, since the Bloomberg article did not elaborate?

It's easy to identify a problem - as Ayabe pointed out, Obama has talked about the debt and the deficit since he won. It was one of the first things he mentioned when he sat down with Wash. Post editors following the election in Nov. However, Obama's hardly the first politician to recognize the issue - Perot made it a major part of his campaign in '92. Talk is cheap though, and it's time for action.