I read about this on Drudge the other morning and thought I had hallucinated it. I read the article a second time and sure enough, that's what it said. Because the news article didn't provide a link to verify the story I went to the source to find it and, lo and behold, he actually did say it.
"But the long-term deficit and debt that we have accumulated is unsustainable. We can't keep on just borrowing from China, or borrowing from other countries -- (applause) -- because part of it is, we have to pay for -- we have to pay interest on that debt. And that means that we're mortgaging our children's future with more and more debt, but what's also true is that at some point they're just going to get tired of buying our debt. And when that happens, we will really have to raise interest rates to be able to borrow, and that will raise interest rates for everybody -- on your auto loan, on your mortgage, on -- so it will have a dampening effect on the economy."
"A dampening effect"? Ladies and Gentlemen, it is now official; Barack Obama, the President of the United States of America, completely understands the negative impact the policies he has implemented during his first 100 days in office will have on our country.
And yet we march on.
Either this man is the greatest demagogue to ever occupy the White House or I have completely lost my fucking mind.