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.”
Steven Green has it:
Translation: There are massive tax increases coming, on top of the ones already threatened on energy, sodas, Gatorade, cigarets, booze, beer, chips. And also on top of the taxes promised on “the rich,” corporations, etc.
Shorter translation: “I’m going to tax you bastards back to the Stone Age.”
Addendum: “You’re all bastards, every single one of you.”
It's Obama's mess and by-jove you're all going to clean it up for him.
True Audacity-- Biggest Borrower in History Tells ASU Students Not to Live On Credit
Credit, like taxes are for the little people.