President Barack Obama, called our current debt "unsustainable" and that we cannot keep borrowing from other countries. Are you kidding me? This is coming from the man who pushed and signed a 700 billion dollar spending bill that was predominately earmarks or unnecessary projects.
“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 just blows my mind. What is he thinking? Why was he okay with all that spending, that he said would create jobs, when in fact we're losing over 500,000 a month? This is what the majority of Republicans have been saying the whole time: this incredible debt will drive up interest rates and inflation rates. Now Obama gets it apparently. Someone needs to break it to him that it's too little, too late.
Source: Bloomberg
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