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.”
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.”
Read the entire story HERE.
What the...?
I thought...?
Nevermind.
Friends, this is immoral. We are taking on debt that our children and grandchildren will have to pay. We are to blame. We sat by and watched it happen.
5 comments:
I can honestly say that if I did not have the assurance that the One True God was the one ultimately in control, I would be losing it!! I am to the point where I do not claim any political party at this point and I feel that there are very few in Washington who are actually doing anything for their fellow citizens. It makes me so very sad to know the great burdens that are being heaped upon my children (and their children and so on...) I continue to pray for the leadership of this great nation of ours, but they sure do make it hard at times. Thanks for posting that article. Hope you and your family are well!
On a blog you can't say what you would like. Not that it's vulgar but that THEY are watching. Have a good day citizen.
Okay, so I reread my post and I decided I wasn't too clear; it kinda sounds like I think the Feds should take care of everything for us! What I should have said better is that I think that there are few in our HUGE government in Washington who are doing what the people who actually sent them there think they should do! I am for as small of a government (especially the Feds)as possible.
Okay, now I think I am clear.
I find it amazing that we are sending Bernie Madoff to prison. It appears to me that our whole financial system is a giant Ponzi scheme...only if it is run by the Federal governement it is legal.
Mike,
Social Security is absolutely a ponzi scheme. Bernie Madoff is going to jail for doing what congress does with tax payer's money every day.
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