Friday, May 15, 2009

...current deficit spending “unsustainable”...
















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.”
This is just the prelude to Obama telling us that as much as he doesn't want to raise taxes under the circumstances he just doesn't have a choice. God forbid recognizing he's been spending money like a teenager with their first credit card. He should call for the repeal of the trillion dollar spending bills he pushed. That would be like "rational" and "fiscally responsible" wouldn't it.

More at Jules' place.
The illustration comes from Attack Cartoons.

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