Friday, May 15, 2009

Make up your mind

President Barack Obama criticized the current government's economic policy — saying it is taking on too much foreign owned debt — at a town-hall meeting in New Mexico.
He then went on to praise government's policy on the economy saying we are turning a corner and "we do know that the gears of our economy, our economic engine, are slowly beginning to turn.”
I wonder sometimes if our President hears himself saying these outrageous things.
You say the debt is going to cause a substantial increase in interest rates when China loses interest in owning our debt. This much is true and we have already seen this happening to a degree. The Treasury Department announced in April it would add "more auctions of 30-year bonds to its calendar to address the increase in projected financing needs."
The May 7 auction received little interest from buyers and was reported as "terrible."
In what universe, Mr. President, does this seem to be good news?
Oh, I must be pleased with the increase of gasoline prices recently. That is a positive sign to him, right? He did say during last year's campaign he thought $4 a gallon gasoline was a good thing, he just wished it hadn't happened so quickly. No matter what it did to the regular people.
I'm sorry but I cannot see that the "wheels are turning" on the economy, at least not in the right direction.
It seems to me we are going backwards with a hearty push from the Obama administration.
— Lauren Ricks, Staff Writer

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