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Billionaire Mayor Bloomberg Says There Are No Limits on Federal Spending

Written by Gary North on March 4, 2013

Nanny Bloomberg is nothing if not forthright. He is rich, powerful, and a liberal. He does not care what anyone thinks. Here are his views on the federal deficit.

We are spending money we don’t have. 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.

This is the view of Keynesian economists. It is the view of voters. It is the view of Congress. It is the view of every President. They assume that this can go on forever. So, there is no political pressure to stop the deficits.

We are beyond the point of no return. Bloomberg’s statement can serve as the epitaph of the federal government some day. It will default. Those poor souls who are dependent on payment from the federal government will discover that Bloomberg is wrong.

There will be a day of reckoning. Don’t be found among the dependents on that day.

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13 thoughts on “Billionaire Mayor Bloomberg Says There Are No Limits on Federal Spending

  1. Joseph C. Moore says:

    The idiots do not care, after all, the day of reckoning will not come during their term of office, but fall on future generations. We are STEALING from our children, grand children and their children. We are "throwing our children to the wolves", to make our immoral selves comfortable.

  2. Peter Anderson says:

    Is this like the Titanic? Will we all just hang on and watch the ship go down?

  3. Isn’t that great? That means we don’t have to pay taxes any more. Uncle SAM will just print new money .

  4. Marc Jeric says:

    We should all understand that whereas cocaine and heroin addictions are sometimes curable, the money printing machine addiction is not – and has not been curable for about 3,500 years of known history.

  5. I meant uncle Ben

  6. Bloomberg's "thinking" is why we are in this mess in the first place – Fannie Mae and Freddie Mac (with cover from Barney Frank and Chris Dodd) bought up mortgage paper that had no backing [like SECURED by the value of the property as well as the ABILITY of the borrowers to REPAY the amount borrowed], and now those of us who work and try to do the right thing are the ones being punished by the government in that we are expected to pay for the free ride that others took. There is no such thing as a free lunch, and when the Goose that lays the Golden Eggs (tax payers) is killed, there are no more golden eggs.

  7. who gives a ratz_ _ _ what mayor goonberg thinks? None of these big-spenders know what it's like to make a payroll based on their income from EFFORT.

    Take the Prez, job history is a "Community Instigator", but never evn cranked a cash-register at local 7-11 yet he takes off on our economy as if he KNOWS what it takes to pay bills, make payroll, on limited resources with his injection of regulations, restrictions, controls…like cutting a frogs legs, then say "jump"…""after all legss removed, frog goes deaf…""
    ..& fact is, he has no grip on the National Economy or the effect it has on the people he thinks can be bled evn more.

    Oh brother! and Congr sits on their hands & accomodates this bunch of like-minded idiots.
    Its true, I heard syphilis can be inherited………..RWBwolf

  8. RangerInParadise says:

    Bloomberg admits that Liberal "policy" is a blatant failure then praises it. All in the same statement. Just how did this disconnected idiot get that RICH?

    The Leftist murderers are setting up the elderly and retirees who depend upon the return of their own money for survival. One fine day they will say "sorry, we stole it all so go away and die!".

    They are stripping us of our income then putting us in the "loving" hands of the ObamaCare Death Panels. My, my, how altruistic and advanced Liberal are! Murderous LIARS all.

    Hitler could have taken lessons from these people.

  9. karel Eekels says:

    So easy for a very well to do Rino lib to take such a stand, likewise with the likes of the Pelosi's, Feinstein's and Harry Reid who always have the means to fall back on when everybody else is trying to exist and survive. Insensitive hypocrites all are just go back in recent history and pay attention to the USSR model. If you did not belong to "the party" you were written off, doomed and lucky to see the day light of the next morning.

  10. Erik Osbun says:

    Mayor Bloomberg lives in his mind in another world than do New York City inhabitants.

  11. Blair Franconia, NH says:

    Out of touch libtard.

  12. Paul Nordin says:

    We are all human beings and therefore imperfect. Nevertheless, I believe that Congress and President Obama can create a plan to pay off our debt in, say, ten years. We must all work together. Reading most of these comments though, maybe we as Americans cannot. As for me, I am going to urge our leaders to learn how to get along and just fix the fiscal problems that we have in this country. I hope every American will do the same.

  13. maybe you can tell us all how you get rid of16 trillion debt. bet you cannot count eithertooth fairy