Obama: Government debt to lead to "skyrocketing" interest rates so we have to have the government spend more and more.

President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.

The spendthrift in chief denounces his own actions ... and blames other people. "The devil made me do it?"

In his New Mexico appearance, the president pledged to work with Congress to shore up entitlement programs such as Social Security and Medicare. He also said he was confident that the House and Senate would pass health-care overhaul bills by August.

There is a difference between government debt and private debt. It's the government debt that will lead to "skyrocketing" interest rates. It's the government debt that the Chinese are buying.

The Bloomberg article has Obama inveighing against credit card debt. As if credit card debt and government debt are the same thing.

Obama prodded Congress to pass restrictions on credit-card issuers, saying consumers need “strong and reliable” protection from unfair practices and hidden fees.

So why is Obama insisting that the government take over paying for everyone's doctor and hospital visits? What do credit card interest rates have to do with government borrowing? Is the government charging the national debt to VISA?

Health-care costs are driving up the nation’s debt and burdening entitlement programs such as Medicare, the government- run insurance program for those 65 and older and the disabled.

OK those are government programs that the government has the ability to control. It is not the reason why, having failed to control government health care, the government should take over the health care of the rest of the population. In fact, it's a reason not to.

One of the must frustrating things about the press corps is that part of their job is to create an environment where people have the ability to debate these issues. At least some of the press should question why, having failed to control costs in its program, the government is uniquely suited to take over the whole industry.