Friday, May 15, 2009

And He's Just Figuring This Out Now?

This from the One:

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.”

No kidding. So did he come just now come to this epiphany . . . Right after wracking up a world record national debt on borrowed money and driving our federal bond ratings to the brink of downgrading? As Instapundit quite pithily asked, "If Obama were trying to wreck America as a superpower, what would he be doing differently?"


suek said...

Don't be silly. He knew it in the first place. The goal was to create a situation where it would be completely reasonable to raise taxes.

Raising of taxes will now be pushed as absolutely necessary, and will commence.

GW said...

Hmmm, I still doubt your last statement. The left will certainly make that case. But the truth has always been that as taxes become confiscatory, the less in taxes are collected - and vica versa. It won't happen under this administration, but if you want to put our economy on steroids, drop business taxes to 15% max and cut off all excess regulation. Make it cheaper to start and conduct a business in the U.S. than it is throughout the rest of the world. As the saying was, once, the business of America is business.

suek said...

You're making the assumption that O wants to make the economy better. I don't think that's the object. I think the object is as it was - not to raise all boats to the same level, but to lower all boats to the same level.

Lower income levels will be untaxed, anyone with assets will be taxed until everyone (except the politicians) earns the same. In addition, the taxes collected will be distributed in such a way that everyone possible will depend on the Federal Government for their income. Don't do what the Government wants? no income.