Obama throws his own spending policies under the bus.

In a speech on May 14 he stated that the current deficit spending is "unsustainable".

“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.”

He continued that interest rates on everything will increase when holders of US debt get tired of buying it. Read about it here.

I can't believe he just said that. He just threw his own spending policy under the bus. This is exactly what the recent "tea parties" were about. The much mocked tea parties I might add. President Obama just articulated what millions of Americans have been saying ever since his so called "stimulus" plan was passed. President Obama has borrowed and spent more money in the last 100 days than in any time in the history of the world. I choose to believe what Obama has done, not what he says.

China owns $744 billion of US debt so far. China has already said it doesn't want to buy much more US bonds.

The US government borrows 46 cents for every dollar it spends. The projected budget deficit this year is $1.8 trillion. Yes, that is for one year and it is 4 times as much as last year.

Medicare is projected to be bankrupt in 8 years. The social security fund is unsustainable, not to mention a ponzi scheme that would be illegal for any other entity in the United States to run except for the federal government.

The Obama budget calls for $3.4 trillion in spending for the next year. That is about $500 billion more than President Bush's last budget.

All the billions of dollars spent to "bailout" Chrysler was wasted because they still went bankrupt. GM is probably soon to follow.

Do you get the picture? President Bush was rightly criticized for all the spending and budget deficits that occurred during his administration. President Obama is making Bush look like a penny pincher.

The government can't afford it's current spending obligations. Social Security and Medicare entitlements are completely unsustainable. And Obama wants to add another huge entitlement that guarantees health care for everyone. This is insanity (with good intentions of course).

So why is Obama suddenly realizing that all this spending is unsustainable? Because he is going to use it as a reason to jack up every possible tax that he can think of in the name of "fiscal responsibility". The huge budget deficit and national debt will be blamed on the Bush tax cuts.