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March 1, 2013
Mayor Bloomberg: Donât Panic About the Sequester | Politicker
âWe are spending money we donât have,â Mr. Bloomberg explained. âItâs not like your household. In your household, people are saying, âOh, you canât spend money you donât have.â That is true for your household because nobody is going to lend you an infinite amount of money. When it comes to the United States federal government, people do seem willing to lend us an infinite amount of money. ⦠Our debt is so big and so many people own it that itâs preposterous to think that they would stop selling us more. Itâs the old story: If you owe the bank $50,000, you got a problem. If you owe the bank $50 million, they got a problem. And thatâs a problem for the lenders. They canât stop lending us more money.â
Posted by gerardvanderleun at March 1, 2013 8:44 AM. This is an entry on the sideblog of American Digest: Check it out.