Monday, May 25, 2009
Obama attacks "Failed policies"
President Obama launched a campaign last week attacking "The Failed Policies of the Current Administration."
Obama harshly criticized his own budget, which more than quadruples the deficit and adds a staggering $10 billion to the national debt over ten years, as "Unsustainable": “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.”
The President, repeating the objections of critics of his irresponsible runaway spending binge, predicted that, unless his policies are defeated, "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. It will have a dampening effect on our economy."
When C-Span host Steve Scully asked Obama when we would run out of money, the President responded that "Well, we are out of money now." Obama proceeded to explain why minor issues like fiscal responsibility should not stop us from launching huge new government bureaucracies that we can't afford.
Historians believe that this is the first instance of a sitting President throwing himself under the bus.