Obama never states the obvious that on a daily, monthly and annual basis, we cannot pay all our bills unless we are able to borrow funds from primarily the Chinese. In other words, we need an increase in our credit card limit simply to pay current bills on a monthly basis.
Now, individuals, families and businesses of all sizes would be hard pressed to secure credit within a scenario that has them short on a monthly basis.
Seems like we are headed for a fall.
“. . . primarily from the Chinese” turns out to be false: about 8% of total Federal borrowing is from the Chinese (or about 14% if you ignore the part “borrowed” by the Fed and the Social Security Trust fund).