Thursday, May 14, 2009

Obama shocked by first USA credit card bill

Here's a laugh - Obama Says U.S. Long-Term Debt Load ‘Unsustainable’:

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.”

Gosh, who could have been maxing out the credit card?

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’s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously.

But not to worry - Barry's says he's a changed man now:

Two weeks ago, the president proposed $17 billion in budget cuts, with plans to eliminate or reduce 121 federal programs. Republicans ridiculed the amount, saying that it represented one-half of 1 percent of the entire budget. They noted that Obama is seeking an $81 billion increase in other spending.

Stay tuned for the Obama tax increases, which seems to be the only possible reason for his whine.

Wednesday, May 13, 2009

Hey Barry, how's your porkulous plan working out?

Over at Innocent Bystanders, geoff is doing what the mainstream media won't do - compare Obama's promised results for his trillion dollar pork barrel "stimulus" plan with the actual results:

Obama stimulus worse than no stimulus
Gee, not only is the actual unemployment rate worse than Barry and the Democrat "brain trust" promised if they got their trillion dollars that we don't have to spend on stuff that we don't need, but it's worse than what they promised if we didn't have the porkulous plan at all. Is it too late to to stop the checks?