At a town hall meeting in New Mexico, President Barack Obama said that we cannot sustain our massive debt by continually borrowing from other countries. He warned ofskyrocketing interest rates if we kept on the current path saying:
“We can’t keep on just borrowing from China…we have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”
In front of a crowd I’m hoping was struck upside the head with hypocrisy, he stressed that most of our debt was coming from health care, stating we need to drive down the cost. Perhaps the President would havedone good to thought about the debt before spending $600 billion dollars in 100 days and proposing a healthcare reform that his own advisers say will, at the low end, will be 1.5 trillion.
Next Obama discussed the credit problems plaguing middle America, saying that he hopes Congress will pass the credit card reform bill they’re set to debate. This is a bill that would come down hard on Credit card companies and their practices.
The president didn’t mention personal responsibility.
