Friday, May 15, 2009

So, who is responsible, Mr. President?

I think the proper word for this is chutzpah:

Obama Says U.S. Long-Term Debt Load ‘Unsustainable’

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 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.”

Well, Mr. President you are correct. So, from where did this problem come?
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 year’s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously.
Please read the whole thing.

A lot of people are confident that this man can change water into wine. As for me he's sounding more and more like a huckster; playing the populace and hoping he can charm his way into peace and prosperity. It doesn't work that way - neither peace or prosperity are products of charm; they are products of hard decisions and even harder work and each require a reliance on core principles.

Please, Mr. President, don't create a problem then lament the fact that the problem exists - it's cheap and tawdry and, quite frankly the American people deserve more. We have seen the payers of this debt, and it is us.

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