Phew, Emperor Bloomberg just set my mind at ease, I'm going to quit worrying, sell all my prepper stuff and start enjoying the good life.
You see federal economics is not like personal or business economics. There are lenders out there (in the twilight zone) who will never stop lending us money, no matter how much we spend and borrow because they just can't stop.
Politicker: Furthermore, while saying the federal deficit does indeed needs to be curtailed, Mr. Bloomberg argued the United States could owe “an infinite amount of money” and there is no specific amount that would cause the country to default.
“We are spending money we don’t have,” Mr. Bloomberg explained. “It’s not like your household. In your household, people are saying, ‘Oh, you can’t spend money you don’t have.’ 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 it’s preposterous to think that they would stop selling us more. It’s 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 that’s a problem for the lenders. They can’t stop lending us more money.”He says: "the federal deficit does indeed need to be curtailed". Why, with his reasoning, there is no need to curtail anything. Why is there supposed to be a budget, why were borrowing limits ever set, and finally, why do we even need to pay taxes? Federal money is just a digital, ethereal concept.
He goes on to say: "It’s not like somebody is taking wheelbarrows full of dollar bills and throwing them out the window." I beg to differ asshole, that's exactly what big government does.
He neglected to mention that the Federal Reserve can just keep printing money into infinity, so what's the problem, why are we even borrowing money from other countries?
What's really scary is this jerk is not some out-of-tune whack job; he thinks just like all other politicians and bureaucrats, except most of them are not stupid enough to say it out loud.