Obama on the debt: Do as I say, not as I do
Trying to soothe Chinese nerves on the calamitous state of his monetary policy, Obama comes up with this:
Obama: Too much debt could fuel double-dip recession
BEIJING, Nov 18 (Reuters) – President Barack Obama gave his sternest warning yet about the need to contain rising U.S. deficits, saying on Wednesday that if government debt were to pile up too much, it could lead to a double-dip recession.
I guess Obama must think that the Chinese can not read the news:
National Debt Now Tops $12 Trillion, an all-time record high:
It gets worse. The same document projects that by the end of the decade, the National Debt will hit $24.5 trillion — exceeding the Gross Domestic Product projected for 2019 of $22.8 trillion.
By Obama’s own estimation, then, we’re in for a “double-dip recession,” the Obamaism for all-out depression.