Borrower in Chief

On Thursday, May 14, 2009, President Obama made a remarkable statement. Here's the link to his online version of it, and here's the key part:

But the long-term deficit and debt that we have accumulated is unsustainable. We can't keep on just borrowing from China, or borrowing from other countries -- (applause) -- because part of it is, we have to pay for -- we have to pay interest on that debt. And that means that we're mortgaging our children's future with more and more debt, but what's also true is that at some point they're just going to get tired of buying our debt. And when that happens, we will really have to raise interest rates to be able to borrow, and that will raise interest rates for everybody -- on your auto loan, on your mortgage, on -- so it will have a dampening effect on the economy.

This is such a remarkable admission. It's something everyone knows by now, and it seemed that the only one who didn't was the president himself. Did he learn this only now or has he known it all along but gone ahead with the monumental spending anyway? This is one wild and crazy guy.

This statement has been around for a couple of days, but it's so remarkable that I just had to copy it and save the link for future use the next time Mr. Obama hits the cookie jar.

Addendum: If Obama's Morning Joe fans think this is significant then it's either a major revelation or a gaffe. Then again it may simply be another case of Obama telling his audience what he thinks they want to hear at the time.

Comments

[Redman]

Stop me before I spend again!!!!

[Geo]

Redman, maybe his teleprompter gave him a speech he was supposed to deliver after Obamacare, not before.