Barack Obama told a New Mexico town hall meeting Thursday that American debt is “unsustainable,” leading some to believe the US may repudiate its debt.
“The long-term deficit and debt that we have accumulated is unsustainable. We can’t keep on just borrowing from China or borrowing from other countries,” Obama said. “We have to pay interest on that debt and that means that we’re mortgaging our children’s future with more and more debt.”
Obama’s admission is the first indication that the US can no longer service its obligations, and may eventually default on its debt.
China owns the largest owner of American debt at US $744 billion worth of US government securities. Obama raised the idea that China and other foreign entities would eventually stop buying those obligations.
“And when that happens, we will really have to raise interest rates to be able to borrow and that will raise interest rates for everybody,” Obama said.
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Well, I think someone finally caught him up to speed. Now all they have to do is let him know about the interest that we'll be paying on his mess of a fix. Maybe by the time he's gone (2012), he'll understand he had no business being President. I wonder if he's been clued in on his Illinois wake.
Stooge.
What is this dip bi-polar or something?
It’s the old trick of the left, accuse the other guy of exactly what is is you yourself are doing.
He's causing the debt he's complaining about. Isn't he the President who's just earmarked $6.5 trillion in 100 days? He could have just given each American $200/day for 100 days, or cut them a check for $20,000.
TheCapitalist
http://www.myfreedompost.com
Oh my gosh, he is schitzo! He should have thought this way before he got us into insurmountable debt that we will suffer from for decades. I can't believe he has the nerve to repeat what we have been saying at the tea parties! He is manipulative!!!!!!!!!!
Our hundred thousand year debt….114,152.5 years to print $3.6 trillion.
If Obama's new plan is to remove $17 Billion from his $3.6 Trillion budget and you use time as an analogous comparison to help you understand what this means to the total reduction, the $17 billion would represent taking 538.9 years off a total of 114,152.5 years where 114,152.5 is how long it would take to print $3.6 trillion at a $1 a second or $31,536,000 a year!
If you make, or print, $1.00 a second it would only take 11.5 days to collect/print $1 million. Knowing this, you would think that it would not take 31,700 years to collect $1 Trillion! Ive done the math on this and found it incredibly amazing. Here is the math…
60 secs/$ a minute X 60 minutes an hour = 3600 secs/$ per hour
3600 secs/$ an hour X 24 hours = 86,400 secs/$ per day
86,400 secs/$ a day X 365 days a year = 31,536,000 secs/$ per year
$1,000,000 / 86,400 secs/$ a day = 11.57 days
$1,000,000,000 / 31,536,000/$ a year = 31.7 year
$1,000,000,000,000 / 31,536,000 secs/$ a year = 31,709 years
It is amazing when you put this in these terms that we can recognize and I think that you can help in educating the public on just what we are doing to ourselves. These figures put in these terms are very telling and informative. I hope that this will help you help the public get a arm around the figures in more relative terms.
The thing about Obama know recognizing that this is unsustainable should have everybody wondering and/or awakening. He is not a stupid person, far from it. So it took him until know to realize that he grew a budget that can't be handled? I think not. Was the rebellious Tea Party protesters that woke him up? I think not.
I will venture to say that he knows exactly what he is doing. Do I know what it is that he is up to…no. I would bet that it is something that I will not like and it will contain a large socialistic agenda! What I am saying is that he had a plan to derail our economy to fit into his plan to get his agenda. He will introduce a program that, with the current debt and economic disastrous situation that we now face because of his spending that he termed necessary and had to be done immediately, we cannot be without. It will be his plan and it will make him look as if he is saving or helping us get out of the problem that he could not help but create. Watch and see. He is the slickest of all. That is why i did not vote him. I was going to until I saw actions similar to this and knew that he is a salesman to the nth degree. He sells you something that you don't need but you swear that you do.
hahaha
you Americans voted an American hater into office.
Hilarious
I didn't vote this clown in; And I did everything in my power to educate people about him before the election. Unfortunately, people seem to think voting for President is as easy as voting on American Idol. Nothing more than a popularity contest to them. I'm surrounded by idiots.
There is no need to Wonder what the Obama Agenda is. He is taking us on a direct path to communism, and in order to do that you have to destroy and discredit capitalism first.
Need more proof, he is piling on the debt so much that the currency will fail, and then just about everyone will become a government dependent! He is giving the bankers enough rope to hang themselves again so that he can Nationalize them all. It is clear enough, Obama is seeking to be our dictator. He was well taught. One of his instructors, Marx wrote: Between capitalist and communist society there lies the period of the revolutionary transformation of the one into the other. Corresponding to this is also a political transition period in which the state can be nothing but the revolutionary dictatorship of the proletariat.