Nanny Mayor Bloomberg On Debt

How wrong he is

 The nanny mayor couldn’t be more wrong about borrowing if he tried, we can only borrow if people are willing to buy the debt. There is no infinite amount of money we can borrow as Bloomberg claims, at some point people aren’t going to take future risk of being paid back. The treasury has been playing games with our borrowing from sometime now, don’t expect that to change any time soon.

 Bloomberg also added that unlike regular households who can’t borrow infinite amounts of money, however the government can. Bloomberg may be the fifteenth richest person in the country but somebody should ask why he believes people at some point won’t buy our debt. The more debt you incur the more revenue you need to pay for it, where exactly does that fit into infinite borrowing? The truth is that borrowing more money is dangerous, It puts the country into greater risk of a complete financial collapse.

 The whole thing could get out of control with a spike in interest rates, what we are paying in interest on our debt could increase ten times. The problem with misleading about our debt and borrowing is at least dangerous, stupid and wrong. Bloomberg is either covering for Washington about the borrowing or believes he can get away with lying because of his job as mayor. Nobody should believe we can keep borrowing money, people in government should never say its a good idea for any reason.

The road we are on

 When you factor in the 16+ trillion-dollar debt we already have, throw in the unfunded liabilities of Social Security and Medicare we heading for trouble. We are running a budget more than 600 million dollars than we ever collected in tax revenue in a given year. Big business, big labor and government are doing just fine, it’s the rest of us who aren’t seeing the light at the end of the tunnel. Without serious growth in the private sector, much of this must come from small business which drives the economy on local levels, the debt will climb.

 Taxes are part of this country, when people have a good job and they are secure paying them is much less painful. Obama with all his friends in Washington still haven’t figured this out, they talk about growth but they sure haven’t given us much. Growth and more growth of jobs, small business are the only way out of this debt problem we have gotten into. Unleashing the American ideal of creating a business with your ideas is the best way to create more tax revenue.

 Maybe the government should do more like families and live within its means, wouldn’t that be a novel concept. Government continues to play around with our future by its spending and continued growth which leads to even more spending. To shrug off this problem is foolish, to make it seem unimportant is dangerous and ignoring it will bring us all down.

Judge Andrew Napolitano, he gets to government living within its means at 2 minutes in the video

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