But it's good to see he apparently must have played back some tapes from tea partiers ...
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 cant 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 childrens 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 years budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously.
Two weeks ago, the president proposed $17 billion in budget cuts, with plans to eliminate or reduce 121 federal programs. Republicans ridiculed the amount, saying that it represented one-half of 1 percent of the entire budget. They noted that Obama is seeking an $81 billion increase in other spending.
Entitlement Programs
In his New Mexico appearance, the president pledged to work with Congress to shore up entitlement programs such as Social Security and Medicare. He also said he was confident that the House and Senate would pass health-care overhaul bills by August.
Most of what is driving us into debt is health care, so we have to drive down costs, he said.
Obama prodded Congress to pass restrictions on credit-card issuers, saying consumers need strong and reliable protection from unfair practices and hidden fees.
Its time for reform thats built on transparency, accountability, and mutual responsibility, values fundamental to the new foundation we seek to build for our economy, the president said.
Well, Jim when the Democrats wanted the war effort to fail, it was unpatriotic. And the Democrats cried about the huge budget deficits that Bush was wasting on the war in Iraq. But in reality, the war didn't cost of 4% of the budget for any year Bush was in offi8ce.
But now, we want to have all of those wonderful programs that will cost us a deficiot of 1.3 trillion in one year. And the American people are just now waking up to the fact that we are overextending ourselves. No, they've known it all the time and they thought Obama was the man to the rescue. He is the man to the destruction.
Well, Jim when the Democrats wanted the war effort to fail, it was unpatriotic. And the Democrats cried about the huge budget deficits that Bush was wasting on the war in Iraq. But in reality, the war didn't cost of 4% of the budget for any year Bush was in offi8ce.
But now, we want to have all of those wonderful programs that will cost us a deficiot of 1.3 trillion in one year. And the American people are just now waking up to the fact that we are overextending ourselves. No, they've known it all the time and they thought Obama was the man to the rescue. He is the man to the destruction.
*****************
I never wanted the war effort to fail. I just thought that the effort about war was a failure according to the nonsensical thought processes of the GWB administration.
Actually, the reality, as it moves forward under the BHO administration, makes the observation more true.
Yep. I still think you are a treasonous asshole. Nothing you've ever said makes me think otherwise.
I never wanted the war effort to fail. I just thought that the effort about war was a failure according to the nonsensical thought processes of the GWB administration.
I don't think I accused you of any such thing. However, the Democrats in Congress were more interested in winning elections rather than the defense of thew country. They fought Bush at every turn.
Actually, the reality, as it moves forward under the BHO administration, makes the observation more true.
Of course when you consider the war in Iraq as the whole picture, your conclusion appears true. However, the war in Iraq was the big bone of contention in the Democrats' eyes. Recall the "General Betrayus" Yes indeed, the Democratrs were trying to make the failure of the Bush administration. And now that the Ir5aq war is somewhat settled, Obama moves to Afghanistan. Po9cture is perfectl;y clear as to why you would believe as you do.
Yep. I still think you are a treasonous asshole. Nothing you've ever said makes me think otherwise.
Jim..
Naturally, you would reach that conclusion because you believe General Betrayus was the correct namne when Bush was in office. But now you are lulled into sleep beliefing Obama can do no wrong. See, you reversed your position only because a Democrat is in office.
And there were so many that kinew Bush was bankrupting us and screamned to high heave that we could not afford the war. Therefore, everyone knew that the National Debt was at a critical point. But you and your Obama are running a deficit as large as the Bush Budget
Does that matter to you? Of course not. Therefore, the proper conclusion is that I believe in physical debt control and the defense of our country. Whereas you and Obama believe in outrageous spending and no real defense. So whatever you may think of mje, I have given you two reasons why you are the treasonous p[erswon. \
I never wanted the war effort to fail. I just thought that the effort about war was a failure according to the nonsensical thought processes of the GWB administration.
I don't think I accused you of any such thing. However, the Democrats in Congress were more interested in winning elections rather than the defense of thew country. They fought Bush at every turn.
With few exceptions they voted for everything that Bush asked for, poetse, so your premise that they fought Bush at every turn is blatantly false.
Actually, the reality, as it moves forward under the BHO administration, makes the observation more true.
Of course when you consider the war in Iraq as the whole picture, your conclusion appears true. However, the war in Iraq was the big bone of contention in the Democrats' eyes. Recall the "General Betrayus" Yes indeed, the Democratrs were trying to make the failure of the Bush administration. And now that the Ir5aq war is somewhat settled, Obama moves to Afghanistan. Po9cture is perfectl;y clear as to why you would believe as you do.
You have moveon.com confused with the Democratic Party, they are not the same thing no matter how you try to push that idea. So it's perfectly clear why you believe as you do.
Yep. I still think you are a treasonous asshole. Nothing you've ever said makes me think otherwise.
Jim..
Naturally, you would reach that conclusion because you believe General Betrayus was the correct namne when Bush was in office. But now you are lulled into sleep beliefing Obama can do no wrong. See, you reversed your position only because a Democrat is in office.
And there were so many that kinew Bush was bankrupting us and screamned to high heave that we could not afford the war. Therefore, everyone knew that the National Debt was at a critical point. But you and your Obama are running a deficit as large as the Bush Budget Does that matter to you? Of course not. Therefore, the proper conclusion is that I believe in physical debt control and the defense of our country. Whereas you and Obama believe in outrageous spending and no real defense. So whatever you may think of mje, I have given you two reasons why you are the treasonous p[erswon. \
Specifics, Jim. Have any?
While I am not Jim I have just given you specifics as to why you are wrong. I challenge you to prove that Obama believes in outrageous spending when he has made statements that are contrary to that thought. Because of the recession he has had to take extraordinary measures but that does not mean that it is his general philosophy. I also challenge you to prove that he believes in no real defense when our defense spending is still more than all the other nations in the world combined. Frankly your opinions are based on false premise.
While I am not Jim I have just given you specifics as to why you are wrong. I challenge you to prove that Obama believes in outrageous spending when he has made statements that are contrary to that thought.
So he alwas speaks the truth? Well, why is his budget going to run a deficit as large as the entire Bush Budget. 1.3 trillion deficit. He should bne cutting spending if he really believes what he says.
Because of the recession he has had to take extraordinary measures but that does not mean that it is his general philosophy.
People cut spending in a recession, don't they, Ron. Are you going out and i9ncreasing your debt now? Why don't you just mortgage everything and go spend all you can? Becauseit's the wrong thing to do isn't it. You would be bankrupt and end up with nothing. So will governments.
I also challenge you to prove that he believes in no real defense when our defense spending is still more than all the other nations in the world combined. Frankly your opinions are based on false premise.
Well, for one thing, half of his cuts were taken from the defense department. And you say we spend more on the defense that all of the nations in the world. think about tht, Ron. Do all the nations in the world have troops all around the world? No they don't. In fact they s3end some troops to the little hot spots as they occur. So why would they need huge defense budgets? They wouldn't. Why would we? Because we try to police the world?
Which brings us back to the spending. We are going bankrupt and he is cutting defense. We want to spend more money on social programs that we cannot afford. Social Security and Medicare are running out of money, and he wants universal health care. Who's going to pay for it? People without jobs in the midst of a recession?
Now tell me, Ron. If my opinonws are based on false premises, what are those false premises and how do they compare with Obama's Fantasy Island.
