Chutzpah: Obama Warns Current Deficit Spending Is “Unsustainable”

May 14, 2009 · Filed Under Barack Obama, Economy

You really have to admire the chutzpah that president Obama displays time and again when talking about fiscal matters.

He said the following during a town hall meeting in New Mexico:

“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.”

What he neglects to mention as usual is that he is the reason we keep borrowing from China and mortgaging our children’s future.

Obama loves to talk about the deficits he inherited, but his only solution to Bush’s out-of-control spending and record deficits has been even more spending and ever larger deficits.

Obama’s spending in his first 100 days in office dwarfs all of Bush’s spending for his entire two terms.

So maybe the president should take some of his own advice.