{ "href": "/post/2009/05/19/i-agree-with-the-president/", "relId": "2009/05/19/i-agree-with-the-president", "title": "I Agree With The President", "author": "pmjones", "markup": "html", "tags": [ { "href": "/tag/economics/", "relId": "economics", "title": "Economics", "author": null, "created": null, "updated": [], "markup": "markdown" }, { "href": "/tag/politics/", "relId": "politics", "title": "Politics", "author": null, "created": null, "updated": [], "markup": "markdown" } ], "created": "2009-05-19 15:00:46 UTC", "updated": [ "2009-05-19 15:00:46 UTC" ], "html": "

No, really:

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President Barack Obama, calling current deficit spending \u00e2\u0080\u009cunsustainable,\u00e2\u0080\u009d warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.

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\u00e2\u0080\u009cWe can\u00e2\u0080\u0099t keep on just borrowing from China,\u00e2\u0080\u009d Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. \u00e2\u0080\u009cWe have to pay interest on that debt, and that means we are mortgaging our children\u00e2\u0080\u0099s future with more and more debt.\u00e2\u0080\u009d

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Holders of U.S. debt will eventually \u00e2\u0080\u009cget tired\u00e2\u0080\u009d of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. \u00e2\u0080\u009cIt will have a dampening effect on our economy.\u00e2\u0080\u009d

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via Obama Says U.S. Long-Term Debt Load \u00e2\u0080\u0098Unsustainable\u00e2\u0080\u0099 (Update2) - Bloomberg.com.

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He doesn't seem to be acting as if he believes it, though.

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