{"id":2196,"date":"2009-05-15T11:11:30","date_gmt":"2009-05-15T15:11:30","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=2196"},"modified":"2009-06-07T19:45:09","modified_gmt":"2009-06-07T23:45:09","slug":"barack-obama-us-long-term-debt-load-unsustainable","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2009\/05\/15\/barack-obama-us-long-term-debt-load-unsustainable\/","title":{"rendered":"Barack Obama: U.S. Long-Term Debt Load ‘Unsustainable’"},"content":{"rendered":"

From Bloomberg News<\/a>:<\/p>\n

May 14 (Bloomberg) — President Barack Obama, calling current deficit spending \u201cunsustainable,\u201d warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.<\/p>\n

\u201cWe can\u2019t keep on just borrowing from China,\u201d Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. \u201cWe have to pay interest on that debt, and that means we are mortgaging our children\u2019s future with more and more debt.\u201d<\/p>\n

Holders of U.S. debt will eventually \u201cget tired\u201d of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. \u201cIt will have a dampening effect on our economy.\u201d<\/p>\n

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\u2019s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously.<\/p><\/blockquote>\n

The President went on to say:<\/p>\n

\u201cMost of what is driving us into debt is health care, so we have to drive down costs,\u201d<\/p><\/blockquote>\n

Uh, whoa there Mr. President not so fast, while I’m sure health care, and credit card debt have played their part we can not ignore the role of massive government spending in creating our unsustainable debt load. Consider this: the gross domestic product of the United States was $14.2 trillion<\/a> in 2008 and over past few months the Federal Government and Federal Reserve have spent, lent or commited 12.8 trillion.<\/p>\n","protected":false},"excerpt":{"rendered":"

From Bloomberg News: May 14 (Bloomberg) — President Barack Obama, calling current deficit spending \u201cunsustainable,\u201d warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries. \u201cWe can\u2019t keep on just borrowing from China,\u201d Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[26,7],"tags":[57,682,1366],"class_list":{"0":"post-2196","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy","7":"category-politics","8":"tag-barack-obama","9":"tag-debt-load","10":"tag-health-care","11":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-zq","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2266,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/05\/29\/poll-question-is-the-us-economy-headed-for-a-recovery-or-a-dead-cat-bounce\/","url_meta":{"origin":2196,"position":0},"title":"Poll Question: Is the U.S. Economy Headed for a Recovery or a ‘Dead Cat Bounce’?","author":"Jeff","date":"May 29, 2009","format":false,"excerpt":"Ok folks, here's the 64 trillion dollar question for you... [poll id=\"14\"] I'm leaning toward dead cat bounce for various reasons... In short all the money the Federal Reserve and the Federal Government are pumping into the economy will have a positive effect and we will see GDP rebound in\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3608,"url":"https:\/\/www.jasetaro.com\/blog\/2010\/10\/19\/big-spender-obama-has-now-borrowed-3-trillion\/","url_meta":{"origin":2196,"position":1},"title":"Big Spender: Obama Has Now Borrowed $3 Trillion","author":"Jeff","date":"October 19, 2010","format":false,"excerpt":"From CNSNews.com: It's official: The Obama administration has now borrowed $3 trillion, according to the U.S. Treasury Department. It took from 1776, when the United States became an independent country, until 1990, the year after the Berlin Wall fell signaling victory in the Cold War, for the federal government to\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4125,"url":"https:\/\/www.jasetaro.com\/blog\/2011\/08\/02\/thoughts-on-the-debt-limit-debate\/","url_meta":{"origin":2196,"position":2},"title":"Thoughts on the Debt Limit Debate — Updated","author":"Jeff","date":"August 2, 2011","format":false,"excerpt":"What we\u2019ve seeing playing out in Washington during the debt limit debate is in many ways akin to an addict facing an intervention. Washington\u2019s policy makers, both Democrats and Republicans, are hopelessly addicted to spending and they don\u2019t want to admit it or to change their behavior. As a result\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3064,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/12\/16\/good-news-national-debt-already-tops-debt-limit\/","url_meta":{"origin":2196,"position":3},"title":"Good News: National Debt Already Tops Debt Limit","author":"Jeff","date":"December 16, 2009","format":false,"excerpt":"From CBS News: The latest calculation of the National Debt as posted by the Treasury Department has - at least numerically - exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill. The ceiling was set at $12.104 trillion dollars. The latest\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3627,"url":"https:\/\/www.jasetaro.com\/blog\/2010\/10\/26\/hey-big-spender-pelosi-led-congress-has-added-5-trillion-to-debt-since-2007\/","url_meta":{"origin":2196,"position":4},"title":"Hey Big Spender: Pelosi Led Congress Has Added $5 Trillion to Debt Since 2007","author":"Jeff","date":"October 26, 2010","format":false,"excerpt":"From CNSNews.com: When Rep. Nancy Pelosi (D-Calif.)\u00a0gave her inaugural address as speaker of the House in 2007, she vowed there would be \u201cno new deficit spending.\u201d Since that day, the national debt has increased by $5 trillion, according to the U.S. Treasury Department. \"After years of historic deficits, this 110th\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":664,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/06\/finally-mccain-blasts-obama-democrats-for-fanniefreddie-meltdown\/","url_meta":{"origin":2196,"position":5},"title":"Finally: McCain Blasts Obama, Democrats for Fannie\/Freddie Meltdown","author":"Jeff","date":"October 6, 2008","format":false,"excerpt":"Update: Scroll down for the video. It looks like the gloves are really off, John McCain is going to finally start talking about the economy and going after Barack Obama and Democrats for their roll in the failure of Fannie Mae and Freddie Mac. Our current economic crisis is a\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/2196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=2196"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/2196\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=2196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=2196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=2196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}