"What we also have to recognize is..." - Quote by Barack Obama
What we also have to recognize is that the deficit levels that I'm inheriting, over a trillion dollars, coming out of last year, that that is unsustainable. At a certain point, other countries stop buying our debt, at a certain point, we'd end up having to raise interest rates, and it would end up creating more economic chaos and potentially inflation.
More by Barack Obama
“One of the things I think I can bring to the presidency is to make government and public service cool again.”
“We've got to change our regulatory system.”
“We remember the grind of the insurgency -- the roadside bombs, the sniper fire, the suicide attacks. From the 'triangle of death' to the fight for Ramadi; from Mosul in the north to Basra in the south -- your will proved stronger than the terror of those who tried to break it.”
More on National Debt
“The burden of the national debt consists not in its being so many millions, or so many hundred millions, but in the quantity of taxes collected every year to pay the interest. If this quantity continue the same, the burden of the national debt is the same to all intents and purposes, be the capital more or less.”
“Gentlemen, if we don't cut spending we will be bankrupt. Yes, the medicine is harsh, but the patient requires it in order to live. Should we withhold the medicine? No. We are not wrong. We did not seek election and win in order to manage the decline of a great nation.”
“Alexander Hamilton started the U.S. Treasury with nothing, and that was the closest our country has ever been to being even.”
More on Economy
“Immigration keeps this country young, it keeps it dynamic, we have entrepreneurs and strivers who come here and are willing to take risks, and that's part of the reason why America historically has been successful.”
“The present tax codes inhibit the mobility and formation of capital, add complexities and inequities which undermine the morale of the taxpayer, and make tax avoidance rather than market factors a prime consideration in too many economic decisions.”
“A free market was never meant to be a free licence to take whatever you can get, however you can get it.”